Base Business
Our existing producing operations provide not only immediate value, but also offer opportunities for future growth and expansion. We are focused on achieving world-class operational excellence and exceptional project execution. We continue to improve in safety, reliability, reservoir performance and well productivity. For example, our production efficiency approached 95 percent in 2014, and we continued to increase estimated ultimate recovery from our large legacy fields. In 2014 the skillful management of our base business assets led to a production decline of less than 3 percent and was fundamental to our overall strong performance for the year.
Application of technology is instrumental to the success of our base business. Our global i-field® program, for example, uses information technology to monitor reservoirs, wells and facilities on six continents in real time. It includes a drilling and completions decision support center that offers round-the-clock technical support for teams managing challenging drilling projects. Our Real-Time Reservoir Management System provides a common data platform that optimizes surveillance and management of our reservoirs, allowing for faster and more thorough analysis and improved decision making.
We also are recognized for our expertise in thermal enhanced oil recovery (EOR), which helps improve efficiency and recovery in heavy-oil reservoirs. Two of our largest steamflooding operations are at the Kern River Field in California and the Duri Field in Indonesia. We have greatly extended the producing life of these fields, and both have produced more than 2 billion barrels of heavy oil to date. Our EOR expertise is not limited to steamflooding. We continue efforts to recover more crude oil from existing fields by piloting and deploying advanced chemical EOR processes.
We continued to deliver exceptional results from assets where the field-development approach is similar to high-performing manufacturing facilities. This “well factory” approach allows us to drill wells and construct associated facilities in a consistent, predictable manner, while realizing continual efficiency improvements. One example of this is in Thailand, where over the past 30 years we have reduced the number of days needed to drill a well by approximately 90 percent.
Base BusinessOur existing producing operations provide not only immediate value, but also offer opportunities for future growth and expansion. We are focused on achieving world-class operational excellence and exceptional project execution. We continue to improve in safety, reliability, reservoir performance and well productivity. For example, our production efficiency approached 95 percent in 2014, and we continued to increase estimated ultimate recovery from our large legacy fields. In 2014 the skillful management of our base business assets led to a production decline of less than 3 percent and was fundamental to our overall strong performance for the year.Application of technology is instrumental to the success of our base business. Our global i-field® program, for example, uses information technology to monitor reservoirs, wells and facilities on six continents in real time. It includes a drilling and completions decision support center that offers round-the-clock technical support for teams managing challenging drilling projects. Our Real-Time Reservoir Management System provides a common data platform that optimizes surveillance and management of our reservoirs, allowing for faster and more thorough analysis and improved decision making.We also are recognized for our expertise in thermal enhanced oil recovery (EOR), which helps improve efficiency and recovery in heavy-oil reservoirs. Two of our largest steamflooding operations are at the Kern River Field in California and the Duri Field in Indonesia. We have greatly extended the producing life of these fields, and both have produced more than 2 billion barrels of heavy oil to date. Our EOR expertise is not limited to steamflooding. We continue efforts to recover more crude oil from existing fields by piloting and deploying advanced chemical EOR processes.We continued to deliver exceptional results from assets where the field-development approach is similar to high-performing manufacturing facilities. This “well factory” approach allows us to drill wells and construct associated facilities in a consistent, predictable manner, while realizing continual efficiency improvements. One example of this is in Thailand, where over the past 30 years we have reduced the number of days needed to drill a well by approximately 90 percent.
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