Production Forecasting

International Petroleum Economics Evaluation Software

Petro$₂includes a comprehensive production forecasting facility. Up to five escalation or decline periods can be defined, using the exponential, harmonic or hyperbolic method. The end of each period can be defined in terms of cumulative production, production rate or time in years.

In this example, the build up to a peak rate of 100 mbbl/d over 3 years, starting from project year 3, has been input manually. This is followed by an exponential decline of 20% per year until the production rate reaches 25 mbbl/d, then a hyperbolic decline of 15% per year, using an exponent of 0.9, until total cummulative production reaches 250 mmbbl.