Forecast Variance Report
The forecast variance report evaluates discrepancies between forecasted production rates and actual observed values over a set period.
It tracks model accuracy, understands production trends, and makes informed adjustments for future operations.
The forecast variance report can be divided into the following sections
- Well and Asset Selection
- Toggle options and Filter Settings
- Information Table
- Chart Area
On expanding well panel, we can select wells from a list of the wells as per asset selection. The following are the key information in the Well selection panel:
- Arrange by - Grouping wells as per group.
- Well Name – multiple well selection.
- Lift Type (in front of well names – such as GL). For example:
- W-GL Well 62 (Gas Lift Well)
- Error or warning (in front of Lift type)
Please note that it is possible to select multiple wells on this page. The data gets refreshed based on the well selection.
- Toggle between gas and oil production.
- Filter by downtime hours
- Filter by absolute production delta.
- Filter by lift type
- Filter by lift type or downtime code (if applicable).
- Clicking on any of the cells will provide detailed variance for the selected time span.
This section of the forecast variance report is the place where the complete information related to customer forecast (imported directly into ProdX platform) and ProdX PIBF (Productivity Index Based Forecast) is available.
Following are the key features:
- Data grouped by lift type or downtime cause.
- For each grouped data (ProdX Forecast Header)
- Sum of all production figures.
- Wells that have forecasted production more than actual production figures (Count and sum of production)
- Wells that have forecasted production less than actual production figures. (Count and sum of production)
- For each grouped data (Customer Forecast Header)
- Sum of all production figures.
- Wells that have forecasted production more than actual production figures (Count and sum of production)
- Wells that have forecasted production less than actual production figures. (Count and sum of production)
- 14 days production history variance. Clicking on any bar chart will show the detailed variance charts at the well level.
