Energy Tech Talk is the only oil and gas podcast fully dedicated to the world of energy investment, data science, engineering and technology bringing you thought-provoking content with insider knowledge to help you grow.
In this podcast, we interview top industry experts at the forefront of oil & gas development, operations, investing, and analytics.
3- Proprietary Oil & Gas Production data (With Enno Peters)
Oil & Gas production data is the foundation of any analysis or valuation. Key states like Texas, Louisiana, and Oklahoma only provide production data at the lease level (which can include dozens or hundreds of wells), which means that you have to estimate the well-level production. Novi already has the industry-leading allocation algorithm, but we are always looking to improve, and actual well-level data is the gold standard.
With the addition of proprietary production data, our customers can be confident in the accuracy of Novi’s production data, with minimal errors from lease allocation or other issues from state regulatory agencies. As of the end of 2022, just two months after the program’s launch, we already have actual production for over 13% of total tight oil production in Texas, across 50 different operators. In the Midland Basin, this percentage of total production covered is 30%! These numbers will continue to increase in the coming months, as we grow the program.
16 Nov 2022
2 - Challenges to Capitalizing on Oil & Gas Data Analytics (with Kiran Sathaye)
Engineers and analysts spend 80% to 90% of their time cleaning up hybrid datasets for machine learning models and analytics. Listen in as Novi Technical Advisors Ted Cross and Kiran Sathaye talk about oil and gas industry challenges with an emphasis on managing data quality, cumbersome workflows and spacing calculation complexity.
Novi Data Engine addresses these challenges and more by shortening time to insights through automation and enabling scalability. As a result, our software empowers teams to invest their valuable time deriving accurate insights that matter.
The end game is all about maximizing the return on your data. As Kiran explains, “The way that a manager in an oil company should think about this is if you have data and are not getting the max value out of it, it is wasted. That is just as much of an economic waste as pumping profit into a well that you didn’t get any uplift from. It’s money going down the drain.”
Technical Advisor Ted Cross and Data Scientist Kris Darnell talk about why PDP and PUD forecast uncertainty quantification is so critical to making smart business decisions and how easy it is to get it wrong.
Listen in as they take a deep dive into our machine learning technology and the data science behind it.
For more insights on PDP forecasting, check out previous posts including Ahead of the Curve: Introducing Novi PDP Oil & Gas Forecasting (https://novilabs.com/novi-pdp-oil-and-gas-forecasting-method/) and PDP Risk & Uncertainty (https://novilabs.com/pud-and-pdp-oil-and-gas-forecast-uncertainty/)
Click here to read more about our PDP product offering: PDP in Oil and Gas Forecasting Press Release (https://www.prweb.com/releases/novi_releases_next_generation_of_ai_driven_modeling_pipeline_increasing_the_accuracy_and_efficiency_of_pdp_forecasting/prweb17434445.htm).
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