LONDON – Lloyd’s Register Energy, Senergy, the Danish Technical University, and Welltec are collaborating on an energy industry research project aimed at addressing key challenges of enhancing oil recovery from reservoirs. The €4 million project ($5.5 million) is funded by the Danish National Advanced Technology Foundation and will focus on optimizing oil production from horizontal wells.
Entitled Project OPTION, the initiative aims to align existing reservoir simulation models with high-performance inflow and wellbore flow simulators. Lloyd's Register Consulting and Senergy will provide improved reservoir modeling techniques, which will be critical to the development of the next generation of industry software. The increased understanding of the interface between reservoir and well performance is expected to improve well and completion design for enhance productivity and oil recovery.
If successful, even a 1% increase in oil recovery from Danish fields would represent an estimated value of DKK 60 billion ($10.9 billion) to the Danish economy.
The project marks one of the first significant collaborations between Lloyd’s Register Energy and Senergy, since Lloyd’s Register’s investment in the energy services company in September 2013.