With Palantir’s Decline capabilities you can centralize historical data and forecast data across PlanningSpace™. Manage forecasts and analogs to provide visibility and accountability.Learn More
Maintaining up-to-date forecasts that are accessible to everyone who needs them requires the integration of engineering and geophysical toolsets with technical, capital and financial planning teams. Forecasts are critical to the planning processes of an organization and require a rigorous approval process. For an organization to be a leader in planning, production estimates and forecasts must be available on demand in a secure and comprehensibly accessible environment.
Production forecasts, type curves and decline estimates are typically stored within highly technical engineering systems. When other teams require this information, the engineering team updates the forecast and sends it via Excel over email. This creates disconnect in the planning process and out of date information, in addition to adding unnecessary overhead for the engineering teams. It is difficult to audit the differences in forecasts between different planning functions which can lead to inefficient capital allocation, poor budgeting and capital forecasting.
The PlanningSpace™ Decline module provides users with secure access to type curves, well profiles and production forecasts with a full history of any changes made. It provides users with a powerful multi-segment decline curve analysis engine capable of a full range of pure and modified decline forecasts.
The Decline module leverages PlanningSpace™ to consistently deliver production forecasts wherever and whenever they are needed. With purpose built data management, questions of whether this is the best or most up to date forecast are eliminated, and wasted time searching for or requesting updated forecasts are a thing of the past. Decline provides a central location for decline curve analysis with auto-forecast capabilities that eliminates bias using an iterative gaussian error detection methodology for Arps, Duong, and Stretched exponential segments.
Schedule a software demo with one of our product experts tailored specifically to your business planning requirements.