Production allocation faces multiple challenges
- Allocation factors are poor and are often based on infrequent low quality calibration tests
- The allocation process is time consuming and is performed fairly infrequently
- Allocation figures are not accepted or even shared by other disciplines
- Production is commingled during the calibration test
Traditional back-allocation processes, rely on extrapolation of a calibration test, where the production of an asset is considered constant and equal to the last calibration figure. This approach has several limitations and does not yield a satisfactory level of accuracy.
In particular, this approach ignores the continuous variations in the asset production profile due to operational changes or feedstock changes.
What defines IPCOS Digital Asset Allocation?
IPCOS Digital Asset Allocation uses real-time measurements or soft sensors
This leads to more accurate results, the higher frequency of the estimates allows compensation for equipment availability or downtime to ensure as little subsequent data correction as necessary, leading to a more easily traceable process.
IPCOS Digital Asset Allocation manages error distribution
This enables the customer to remain fully in control of all crucial processes without being distracted by routine tasks.
IPCOS Digital Asset Allocation enables real-time PVT data correction
In comparing equipment rates with fiscal measurements, the separation process should be taken into account so that production is estimated under representative conditions with all corrections made.
IPCOS Digital Asset Allocation manages complex allocation problems
Even without using dedicated sensors, individual production rates can be determined with low levels of uncertainty using analytics based soft sensors