AspenTech has just announced a new component of its integrated solution for oil and gas production modeling. The new production asset management solution leverages Aspen’s AssetBuilder modeling software. Upstream companies can now plan and optimize production assets using an integrated simulation model of their facilities. This new solution is currently undergoing beta testing by a number of customers.
AspenTech President and CEO David McQuillin said, “It used to be difficult to manage and optimize production systems using conventional modeling solutions. Individual components could be simulated, but modeling entire systems in an integrated manner was extremely difficult. Now the entire network of production assets can be analyzed in a common modeling environment.”
AspenTech’s production asset management solution models complex combinations of wells, pipeline networks and production facilities that require intricate optimization strategies to deliver optimum returns. By accurately simulating the behavior of these assets using an integrated model, companies can make better investment and operational decisions on production rates, development plans and asset capacity. The new modeling software leverages Microsoft’s .NET technology.
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