Chevron accelerates offshore development with cutting-edge technology

Chevron Corporation is revolutionising offshore energy development with innovative field development optimisation tools that significantly reduce decision-making timelines from days to hours.

This groundbreaking technology, which creates automated workflows for faster and more informed decisions, was first tested in gas fields off the northwest coast of Australia.Matt Johnson, a Chevron field development and portfolio optimisation specialist, explains that the new technology generates forecasts detailing a field’s development options and economic potential, potentially accelerating the process of bringing offshore developments online.

“This workflow uses complex digital models of reservoirs to estimate a range of potential hydrocarbon production,” Johnson stated.“With these tools, we can process up to a thousand different potential concepts within hours.”

The technology is proving particularly valuable in Australia, where it helps Chevron generate alternative options for developing the country’s vast gas resources.As existing gas fields’ production declines, this innovation supports continued investment in new gas field development to maintain production at the Gorgon and Wheatstone natural gas facilities.

Beyond new field development, the technology also enhances existing gas fields by identifying opportunities for new wells or suggesting modifications to existing wells to maximise production.The significance of this technological advancement is amplified by the growing global energy demand.Energy companies like Chevron are leveraging these tools to identify the right fields for development at the optimal time and cost, thereby reducing cycle time.

Johnson highlighted the power of the field development optimisation software, which utilises advancements in artificial intelligence and automation.“Hundreds to thousands of development scenarios can be automatically generated with these forecasts,” he said.“It promotes collaboration across teams so they can make better and faster decisions.”

Following its success in Australia, Chevron is now implementing this technology in its operations in the U.S. Gulf of Mexico, further expanding its application in offshore energy development.This innovative approach represents a significant step forward in the oil and gas industry’s efforts to develop resources more affordably and reliably, positioning Chevron at the forefront of technological advancement in offshore energy development.