P/F Atlantic Petroleum Accelerates Decision-Making and Improves Risk Management with Sophisticated Predictive Modeling
 
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P/F Atlantic Petroleum Accelerates Decision-Making and Improves Risk Management with Sophisticated Predictive Modeling

Atlantic Petroleum is a Faroese independent exploration and production company with oil and gas interests in the North Sea, the Celtic Sea, and on the Faroese Continental Shelf. The company has interests in more than 50 fields, discoveries, prospects, and leads, as well as partnerships with more than 20 international oil companies operating in northwestern Europe.

Atlantic Petroleum strives to develop the region’s offshore oil and gas potential on a commercial basis, and it presently engages in activities including oil and gas exploration, appraisal, development, and production.

 
 

 
 

Challenges

A word from P/F Atlantic Petroleum

  • "With Oracle Crystal Ball, we can quantify and understand oil industry risks and uncertainties better than before. Crystal Ball gives us a rich palette of possible outcomes, both good and bad, enabling us to better manage ‘what-if’ scenarios." – Dr. Zvonko Mrdalo, Economics and Strategic Planning Adviser, P/F Atlantic Petroleum

  • Enhance evaluation of technical and commercial risks related to exploring and developing oil fields to better manage ever-increasing business complexity in the oil and gas industry
  • Reduce the degree of uncertainty regarding the company’s operating environment and investment decisions
  • Enhance the company’s economic modeling performance with stochastic modeling to get a range of possible outcomes and their predicted probabilities
  • Understand and manage different oil business ”what-if” scenarios better
  • Define sizes of risks and assess the nature and future behavior of a large number of risky variables affecting the oil business

Solutions

Oracle Product and Services

  • Accelerated the company’s decision-making and risk management process by at least 10% by deploying Oracle Crystal Ball predictive modeling software
  • Enhanced risk quantification at all stages of the oil and gas exploration and production cycle, helping the company to better assess how much risk it can afford to take over a short- and medium-term horizon, without harming its business
  • Improved economic modeling scope and performance with stochastic modeling, which enables the user to assign value ranges for various inputs, and automatically calculates possible output ranges and probabilities
  • Produced a rich palette of possible outcomes and scenarios, both good and bad, to support business-critical decision-making—including whether to buy an asset that would be on-stream quicker but would give a lower rate of return, or another asset which would be on-stream later but would give a higher rate of return
  • Quantified risks associated with many geological, technical, and market-related variables—such as the oil-drilling potential of subsurface areas thought to contain hydrocarbons, different development solutions’ sustainability, capital, and operative costs, and oil and gas prices—enabling better assessment of their nature and future behavior

Why Oracle

“Oracle Crystal Ball provides an elegant and powerful method to quantify risks and understand ‘what-if’ scenarios. Having used it successfully already in my previous job with an investment fund, it was the obvious choice to address our needs,” said Dr. Zvonko Mrdalo, economics and strategic planning adviser, P/F Atlantic Petroleum.