We call them “forecasts,” but “predictions” may be a better word. Either way, the quality of reserves and economics output – and thus the financial plans for the whole company – depend upon the quality of the software as well as the knowledge of the interpreter. New software and training offerings can help with both.
PHDwin has earned its place as the top reserves and economic software program in the US by doing a better job of helping engineers make reliable predictions. Version 3 of PHDwin expands the functionality and reliability of the tool, but it comes at the cost of a steep paradigm change. SAGA Wisdom has similarly unseated larger incumbents to become a leader in technical training for the oil and gas industry but done so with a now-familiar online model.
For those migrating from PHD v2 or from other large software platforms, SAGA Wisdom offers a stand-alone introduction to the basics of PHDwin V3 for only $199 USD which walks the user through each sequential step in creating a reserve report. Delivered on demand for a year, videos can be accessed repeatedly as the need arises, and including reference and practice material the course provides hands-on learning.
For a fuller discussion of the practice of decline curve analysis in any software platform, SAGA Wisdom also offers a comprehensive 16-hour course on the process, methods and judgements involved in predicting future production in 55 searchable video lessons complete with training data and a full year of access.
Check out the free introductory lessons linked above to learn more about the courses on SAGA Wisdom or learn more about PHDwin V3 here. You can also check out the Resources page of Purvis Energy Advisors for a free weekly NYMEX price strip file which can be loaded directly into PHD and for a spreadsheet version of a cash flow model.
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