The latest iteration of Val Nav offers a wealth of new features across the tool alongside a jolt to performance. Centered around liberating the wealth of data that Val Nav projects hold, Val Nav 2022 v2 introduces three exciting features for engineers and managers to generate actionable insights at their fingertips:
Multi-Distribution Plotting for Type Curves
Val Nav’s rich statistical analysis workflows have been enhanced by the addition of multi-distribution plotting. This allows engineers to split sample sets into multiple probit plots or S-curves to analyze distributions against each other. Build more accurate type curves by answering questions like:
· How does well spacing or parent/child relationships impact the distribution profile?
· Are drill plans improving by vintage?
· Are some operators or completion styles outperforming others?
Economics Views for BI Dashboards
Val Nav databases contain a wealth of valuable insights, and Val Nav 2022 v2 enables engineers to access that data with ease. New BI-focused views will automatically be added to all Val Nav projects upon upgrade, allowing deeper analysis than ever before and easy generation of management presentations. The views blend key definitions and result streams in the databases so that DBA knowledge isn’t required to extract meaningful economic data anymore. Simply connect your BI tool of choice to the BTAX_CASH_FLOW view and start building!
Type Well Comparison
Deepen your comprehension of your development inventory using the new type well comparison tool in Val Nav 2022 v2. Whether an engineer needs to analyze if one field outperforms another or your asset teams need to contrast the probabilistic outcomes of a type well, users can now easily build these charts. Plus, styling and plotting have been updated for a cleaner and more functional presentation.
British Columbia Royalty Framework
Continuing Val Nav's leadership in economic and reserves evaluation in Canada, the new release also delivers the industry's most comprehensive model of the new B.C. royalty framework that is aligned with evaluators for standardized reserves evaluation in the province.
In light of the new British Columbia royalty framework, Sproule, a leading energy consultant, spearheaded an initiative to identify and fill in the unknowns following the intent of the new
framework. This initiative ensures that reserves evaluations of British Columbia properties are aligned and consistent across the industry.
"British Columbia's recent royalty framework update will impact all producers and their stakeholders. We were pleased to collaborate with the Val Nav team to ensure the implementation of changing policies and frameworks for ease of use by oil and natural gas producers. Aligned reserve evaluation data allows for the evaluation of all companies based on the same set of assumptions, increasing investor confidence. In working with Val Nav, we found that their expertise and assumptions matched our own, and we are confident in using the Val Nav software this reserves season."
- Steven Golko, Senior Vice President, Reservoir Services.
When the B.C. Government commissioned an economic evaluation of potential new royalty frameworks, Val Nav was the tool used. Key to the selection was the robust and flexible custom fiscal regime modeling capability: various potential new royalty frameworks were modeled and analyzed in the software, which was not possible in other tools without such custom regime capabilities. With a sound and accurate economic model, users have confidence in the results so they can direct their focus to the key economic drivers and analysis. Here is just a subset of royalty aspects incorporated:
· The most up-to-date framework model including the new royalty rate price curves
· Production categories that smoothly handle the transition of existing and new wells between frameworks
· Proper handling of deep well credits, royalty reduction programs, and GCA based on category selection
· The ability to run the old royalty framework as-is to analyze the impacts of the new framework
Lastly, we’ve introduced significant improvements to the most popular bulk operation tools including Data Views, the Data Manager, production updates, and spreadsheet imports! So, whether you are updating cost inputs from the spreadsheet importer, changing well header information from a Data View, or updating production history from an internal production system, Val Nav will fly through the updates faster than ever before.