Belltree is the leading company in the development and implementation of upstream oil & gas benchmarking techniques.
Belltree’s benchmarking allows us to predict field reserves, optimal drilling density and offtake rates for any oil or gas field. The calculations are based on rock quality, fluid quality and heterogeneity data that has been found to correlate strongly to historical field performance. Benchmarking can be performed at a field-wide, fault-block or individual reservoir level dependent on study needs.
Belltree’s Expertise in Field Performance Benchmarking
In 2007 Belltree pioneered the implementation of benchmarking techniques in the UK Continental Shelf (UKCS) by carrying out a large-scale field benchmarking project for the then UK regulator, the Department of Energy & Climate Change (DECC). The study allowed DECC to identify and target underperforming fields and operators in the UKCS.
Since that time Belltree has developed and employed its own proprietary benchmarking techniques on behalf of our clients in the UK and around the world. Belltree’s benchmarking approach is a simple, rapid technical evaluation & screening method that can be used with limited technical information for any oil or gas field or prospect.
Recognising the Power of Benchmarking
Benchmarking has been used by Super Majors (Shell, BP, Exxon-Mobil) and world-leading regulators (DECC, NPD) to help understand the hidden value in their portfolios. The process was also highlighted in the UK Government’s Sir Ian Wood Review as a key enabler of the UK government’s goal of achieving Maximum Economic Recovery (MER) from the UK North Sea. The current UK regulator (the OGA) has re-iterated the importance of benchmarking by making it a key pillar of its 2016 UKCS Asset Stewardship Strategy.
In recognition of the market-leading power of bMark™ and its benchmarking workflows, the OGA has appointed Belltree as a benchmarking service provider in support of delivery of its UKCS Asset Stewardship Strategy. As part of this support, bMark™ software has recently been deployed throughout the offices of the OGA.
Belltree have leveraged their benchmarking expertise to develop the commercial software package bMark™. Following its launch in 2015, bMark™ has been adopted by a number of companies, all of whom now benefit from routine database updates and on-going software improvements.
In addition to the standalone software, Belltree also conduct benchmarking consultancy for numerous clients, utilising the power of bMark™ in-house to offer bespoke field and portfolio appraisals.