Startup Essence announces EssRisk (April 2014)

New software drives Eclipse and other simulators to automate and validate history matching.

Essence Products and Services has just announced EssRisk, a new tool for reservoir production history matching, forecasting and optimisation. EssRisk works alongside reservoir simulators such as Schlumberger’s Eclipse, modifying parameters in the simulation deck and automating the submission of simulation runs to ‘explore the modifier space in a statistically valid manner.’ EssRisk includes hooks for pre and post processing packages with links to seismic and geological modelling packages.

According to Essence CEO Nigel Goodwin, EssRisk’s methodology is better suited to high dimensional complex problems than conventional random walk methods which fail to explore the full problem space and which often produce incorrect answers. The tool uses the latest probabilistic techniques including Markov chain Monte Carlo methods and is a pure, cross-platform Java implementation. EssRisk resulted from a collaborative research project with ConocoPhillips which is a user as is Shell. More from Essence.

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