What’s New in 6
If you have ever wanted to “try out” a decline in Value Navigator, you will want to try out the Decline Workspace tool in our upcoming Version 6.2.
Create alternate declines for a well to see the results before applying a decline to one of the existing reserves categories and running economics. This provides you with flexibility to examine different outcomes, along with assurance that your data is organized to preserve its integrity.
Base Reserves Category
We are now putting the finishing touches on an exciting new feature that will be released in Value Navigator 6.2, base reserves category (base res cat). Our new category, base, exists on every entity and allows you to enter data common to all reserves categories once and have it flow to all reserves categories.
For example, if you are creating a new well and you know its working interest, you could enter the working interest at the base level. Now, every time you add input to another reserves category, this working interest will automatically be set up for you. And if you edit the base working interest, the new value will automatically get updated across all reserves categories on that entity.
We have also allowed for the situation where "base" data should intentionally differ across reserves categories (you can override base data at any reserves category level) but for entities where commonalities exist, this feature should be a big time-saver and help ensure data consistency.
Break-even Cost Analysis Tool
Create multi-entity graphs of NPV vs price to prioritize capital spending. Look at just the gas or oil/liquids prices, at any of the discount rates, before or after tax.
A seamless solution for companies with projects in more than one jurisdiction.
- Specify project, country and entity currencies.
- Generate reports on a multi-currency project in one currency.
Find your wells!
- Find out if a well exists in the database.
- Sort by Status to group the wells
- Copy the feedback to a spreadsheet
Set to Current Button
We recently added an often-requested button to the Predictions|Declines tab: the button, called Set To Current, extrapolates the start of your forecast in the current reserves category to the Current Month.
We suggest using the Set to Current button in conjunction with the Properties tab in order to easily see if there is a difference between the Last Production Month and the Current Month. If they are different, the forecast may need to be adjusted to account for the downtime or removed if the well has been shut in or abandoned.
The Properties tab can be pulled out from behind your Reserve Category Summary tab and placed somewhere else on your current screen or on a separate monitor if you wish. Selecting the Current Month field on this tab will keep these rows in focus while you move from entity to entity. You can also use the Set Start of Forecast tool in the Predictions menu to move several wells (e.g. wells at a folder level) ahead at once (to Current Month or to a user-entered date) and users can then review them.
An easy way to understand which entities relate to each other in your project. One of the great things about Value Navigator 6.0 is the fact that a well can be involved in several different kinds of entity groupings at once. For example, a well can be a member of several different rollups, a type well, and a group as a “child” of these “parent” entities. This can make it tricky to understand the consequences of editing a well, for example. Luckily, we have a neat solution to this challenge: our new Relationships tab! Simply rest on any entity in the Explorer and select the Relationships tab and you’ll see which parent entities it is a child of, and which child entities to which it is a parent.
Large feature update
Now that we have implemented most of the fundamental features of Value Navigator 6.0, we are working on the framework to support many large features. These features include type wells, well scheduling, common termination date, rollups, and crossplots. As we work on some of the meatier tools in the application, we expect to send out more frequent Technology Previews to get timely feedback from you on how we’re doing.
As always, Value Navigator licensing allows us to activate license files over the phone or over the internet, which we feel is a great time-saver for us and for our clients. In order to concentrate on features that improve your daily workflows, new licensing for Value Navigator 6.0 will not have license tracking. But since this is a common request, we will be looking at improving our licensing in future versions. Please let us know about any other licensing-related requests so we can keep them in mind for future versions when we install a license manager.
We have re-implemented licensing into Value Navigator 6.0. Value Navigator 6.0 and 5.2 use separate licenses (which are activated the same way). Therefore, when you take the next Tech Preview release (or install Value Navigator 6.0 once it is released), you will need to have your licenses activated again (you cannot just point to your existing 5.2 license). We will work with clients on an individual basis to ensure Value Navigator 5.2 licenses remain activated long enough for a smooth transition between the two products once 6.0 is released.
Auditing changes a snap
Value Navigator 6.0 keeps a detailed record of changes made to all entities in a project, and also to the Project and Security settings. From the Administration menu, you can pull up a dialog to show you a detailed description of all changes that have been made to the Project Settings or Security Settings of the project you are viewing. Entity History can be seen for the selected entity by resting on the Review | History tab.
You can also easily build a report in the Custom Reporter to report on entity-level changes en masse.
Slick security options
The interface has been completely remodeled from Value Navigator 5.2 and you will definitely find this one easier to navigate.
There are three aspects to security in ValNav 6.0: users, roles, and policies. Users are assigned to roles and roles have policies associated with them. It is also possible to assign a policy directly to a user. Some policies can have filters applied to them to limit the entities the user with those policies can view or edit. These filters are based on custom fields which have been flagged as “Requires administrative privileges to edit values”. A policy can be applied to many different roles (therefore, you could have Edit Entity - with varying filters - applied to many different roles).
What administrators will appreciate most is the granularity we have added in the policies. You now have the flexibility to allow or prevent users from performing entity-related operations which include clearing economic output, deleting comments, deleting entities, editing entities, importing entities, running production updates, reviewing, promoting, and posting. You can also configure database-related operations including the ability to lock/unlock a project and modify custom fields, global project data, price decks, project options, and security.
External Project Data File
Help ensure consistency in global data among your various projects! Build an external project data file that contains change record categories, companies, custom field definitions, facilities, fiscal regimes, meter station factors, price decks, and tax pools and link it to any project.
Copy specific data from one entity to others. For example, if a partner takes a 10% working interest share in several of your wells, update one well to reflect your new working interest share and then copy that working interest to all the other wells. Also lets you copy other economic and technical parameters.
Bulk Copy Reserves Category
This allows you to move data between reserves categories in an entity. For example, after evaluating a PUD, you can use it to copy your forecast to the PDP case. New to version 6.0, you can do this for multiple entities at once; for example, you can choose a folder of entities and copy all of their PUDs to the PDP case.
Support for SQL Server and SQLite
SQL Server and SQLite offer a better alternative to Access databases with a seamless upgrade and no software installation required to run Value Navigator.
The benefit: SQLite performs faster and without bloating, so you get better data integrity and support for larger projects.