PetroVR 2012 Is Here: 18 New Capabilities Accelerate Petroleum Exploration and Production Decisions with Transparency, Consistency, and Robust Decision Assurance

Caesar Systems announced the release of PetroVR 2012, version 10.1, decision assurance software for the petroleum exploration and production (E&P) sector of the oil and gas industry. PetroVR 2012 includes 18 all-new capabilities and 601 enhancements to existing capabilities, many requested by PetroVR client users through the company’s Help Desk.

“To empower our exploration and production clients to accelerate confidently with understanding and quality decisions, we have released two scheduled new versions of PetroVR every year since 2007, with dual emphasis on user-requested capabilities and the evolution of PetroVR into a mature decision assurance software platform,” said Ken Blott, chief strategist for Caesar Systems.

New Capabilities in PetroVR 2012

Caesar Systems said that user requests for new capabilities arise from the fact that petroleum exploration and production frontiers are more challenging, and value chains are more complex, while the need to accelerate to production increases every year. PetroVR 2012 addresses this market demand with these new capabilities:

Transparent

New analytic visual displays provide a quick view into data, revealing insight about net present value (NPV), internal rate of return (IRR), and date of first oil or gas in development scenarios. Scenario Cross Plot functionality provides new insights into relationships between key decision variables. See how this capability can be used in Scenario Evaluations

Consistent

The PetroVR update system has been completely redesigned with the addition of PetroVR Update Packs that ensure uniform installation across all computers, making collaboration easier than ever. PetroVR users now have a new option called “check for updates on the web” that permits download and installation of the latest update pack with a single click.

Robust

E&P decision professionals change periodicity often, such as from annual to monthly for a detailed view, and then back to an annual for summarization. Smart Array Resizing eliminates a manual step and preserves accuracy by performing a re-escalation of the periodic values to adapt them to the new time span, splitting period values when growing and combining them when shrinking.

Sustainable

These combined new and enhanced capabilities were subject to 666 discrete new unit tests and 2,061 discrete new functional test cases, for a total 8,525 unit tests and a total 27,014 functional test cases.

Read more in the PetroVR Blog.

About PetroVR

Petroleum Ventures and Risk (PetroVR) decision assurance software was introduced 15 years ago in 1997 and is positioned to be the industry standard for petroleum exploration and production planning worldwide. It is the only fully-integrative software platform for E&P asset development planning that supports risk and uncertainty modeling for the entire opportunity lifecycle, from sub-surface to market.

In addition to its selection by the U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), formerly the MMS, PetroVR decision assurance software has been chosen by more than 25 oil and gas companies since 1997, including BHP Billiton, BP, Chevron, ENI, Maersk, Murphy Oil, Shell, Talisman and Total.

PetroVR is a Registered Trademark of Caesar Systems, LLC.

About Caesar Systems

Headquartered in Houston, Caesar Systems empowers E&P companies to accelerate confidently to production through its PetroVR software, backed by global coaching support. Caesar Systems is led by an experienced team of oil and gas and software professionals at offices located in Houston, Texas; Buenos Aires, Argentina; Paris, France; Copenhagen, Denmark; and London, United Kingdom.