Forecasting & Planning

Integrated Forecasting is the process of calculating the potential production in the short or medium-term for business planning, asset development planning and/or operational scheduling.

Production forecasting & planning faces multiple challenges

  • Forecasting is affected by large errors when comparing to actual production a posteriori
  • Forecasting is a subjective and very man-power intensive process
  • The integration of analytics based production models with activity planning is tedious and error prone
  • Running different forecasting scenarios is complex and requires high levels of computing power

The benefits of production forecasting in an automated workflow

  • Improve accuracy of the forecast and deliver reliable business plan
  • Ability to generate forecasts more frequently with less manpower
  • Accurate representation of the future asset performance by making use of an integrated asset model
  • Easily accommodate various forecasting methods and run different scenarios Improve auditability of the forecasting process

With integrated forecasting we were able to do more forecasts, more often, because they are much quicker and easier to do.

Our engineers now can spend more time on interpreting the forecast data and improve the quality of the plan rather than spend time on gathering all required information and tuning the model.

What defines IPCOS Digital Asset Production Forecasting?

IPCOS Digital Asset production forecasting is easy to use. Solutions offer ways of interacting easily with complex integrated asset models by focusing on the variable parameters, and presenting only those to the user.

IPCOS Digital Asset production forecasting supports multiple methods. Solutions are built in such a way that the same tool can interact with production profiles, numerical simulators, and physical or data-driven models.

IPCOS Digital Asset production forecasting is open. Real-time asset information can easily be imported into the forecasting solutions. Results can also be exposed to a variety of databases for further reporting or analysis.

Best practices

  • Simplify user interface for easy access
  • Keep track of model and scenario data for auditing purposes
  • Make use of parallel computing to optimize run times
  • Provide user interface for validation and incremental improvement of forecast results
  • Manage the forecast results centrally so that all other systems share the same results