TX 75083-3836, U.S.A., fax 01-972-952-9435. AbstractEl Furrial field is one of the most important hydrocarbon giants of Venezuela. It's located at the north of the Monagas State and it handles approximated 45 % of the production of this area. It was discovered in 1986 and its characteristic makes it unique. The strategy of development has been supported by the combined injection of miscible gas and water, this has allowed to maintain the production plateau of 400 MBPD. A previous feasibility study showed a recovery factor ranging from 50 % to 60 % by implementing AGA, that study lead to the necessity of a new numeric model capable of simulate non conventional recovery possesses, creating a model known as the V9 Model.This new approach is one of the most transcendental advances of the El Furrial field characterization. It's created over a structural model, which is based in 3D seismic of 370 Km2., which allowed a better definition of structural complexity. A petrophysics supported by 13692' of core, classified by 5 types of rocks, representing the heterogeneity of the reservoir. A high resolution stratigraphics model which is based on a cronostatigraphic criterion, which defined 47 statigraphic units. A sediment model based on 24 Paleoambient maps, considering direction of the sediment in the geostatistic model. A fluid model which changed a TarMat surface that varied from a horizontal to a folded one. A Geocellular model which is described by a 350 million cells grid, which generated a simulation grid of 500K active cells out of 900K.A thermodynamic model which honors the fluid model, with a miscible option validated by a slim tube and iswelling tests and a state equation for the compositional simulation. A rock-fluid model with a set of curves per rock type, which considers the hysteresis process that allowed simulate the AGA and the Dewatering process.As a result the OOIP increased in 1.3 MMMBls. A fluid model with thicker and area extension of the TarMat in the sands. Drilled new delineation wells in areas previously considered in the non-economic limit incorporating new reserves and the development of new opportunities. A portfolio of 70 locations for the development of reserves of the field. Modeling of an AGA pilot project in order to evaluate the implementation of it. Evaluation different injection processes conventional and non conventional, in order to define the development plan of the field. The integrated subserface-surface simulation achieving the integration between recollection and the reservoir model V9, which is one of the biggest world wide.

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The El Furrial field is one most important hydrocarbon giants of Venezuela.It's located at the north of the Monagas State and it handles approximated 45 %of the production of this area. It was discovered in 1986 and itscharacteristic makes it unique. The strategy of development has been supportedby the combined injection of miscible gas and water; this has allowedmaintaining the production plateau of 400 MBPD of 28 ° API oil. Atranscendental advance in the characterization of the field was done with a newdynamic model called V9, what promoted the evaluation of new developmentscenario. This paper presents one of the first integrated development plan built byPDVSA; focus on the Integrated Modeling of the Asset, considering risk anduncertainty analysis in the decision taking. The project was developed under aphilosophy of collaborative work and changing the way of thinking fromdeterministic to probabilistic.The Project was executed by amultidisciplinary team integrated by personnel of the core areas of the asset, creating a milestone in the traditional way of working. This integrationallowed evaluation through statistic and expert interview, the uncertaintiesassociated to the variables involved in the evaluated scenarios. Huge reductionof capital expenses related with the grow of facilities were obtain due to theestimation of production profiles based on risk and uncertainty analysis. As aresult of this analysis a decision matrix was built, with the recovery factor, investment, qualitative risk factor, and economic indexes, which were evaluatedto decide the optimum development plan. Introduction The El Furrial Field is located in the Monagas State, at 25 Km of MaturinCity (Figure 1), at the area corresponding to the West Venezuela's Basin (SubBasin of Maturin). It was discovered in February 1986, by the FUL 1X well, representing at the time, the most important discovery made in Venezuela andone of the largest worldwide. This field has two producing formations: Naricual and Los JabillosFormations. One important characteristic of the reservoirs is that they arevolumetric, and produce by rock and fluid expansion. At the beginning, the field produced naturally; however, high-pressuredecline observed by the end of 1992 justified a water injection process to beimplanted in Naricual Formation, and in 1997 in Los Jabillos Formation.Subsequent reservoir studies led to identify opportunities to increase therecovery factor through gas injection. Therefore, in 1998 a miscible gasinjection process was implemented in Naricual. Currently, a combined process ofwater and miscible gas injection1 supports the exploitation plan of the field, maintaining a Production Plateau of 400.000 BOPD. A huge advance in the reservoir characterization has impulsed the evaluationof new development scenarios in order to increase the recovery factor of thefield by means of a new development plan. Due to the complexity and size of the actors involved in the implementationof the new exploitation plan, the development plan was selected following aninnovative methodology (Integrated Asset Modeling) in order to reduce decisiontime and better take account for associated risks. Definition and Philosophy of the Process. The Integrated Asset Modeling (IAM), is a way of working that integrates allthe core disciplines of the asset in order to generate and/or update theIntegrated Exploitation Plan from the business point of view (Figure 2). Bymeans of IAM, professionals working in different activities are temporallydetached, in order to conform an extended multidisciplinary work team. The dayto day work of IAM is constantly enriched by experience exchanges betweenprofessionals belonging to different technical and administrative departments.This is very helpful when it comes to identify and quantify risk anduncertainties associated to every factor involved. The use of this methodology allowed the reduction of technical analysistime, focusing only on the key factors. Additionally, as people from differentsection worked togeter in order to select the optimum exploitation plan, implementation time is considerably reduced.