Novi Releases Data Engine!
After six years of building machine learning models for unconventional development, we have learned a HUGE amount about what it takes to build analytics-ready datasets. It’s not easy: messy tables, multiple sources, industry-specific challenges, and complicated transformations to get the data right.
Now, we are putting all of our experience and (and custom data-processing algorithms) in your hands with Data Engine. With our V1 release, we are starting at the beginning of the process: uploading, mapping, and formatting the data sources.
Data Engine V1 provides immediate benefit by shortening time-to-insights and putting more control of the data in YOUR hands. But beyond that, it represents the first step towards Novi as a full self-service platform.
Novi Presents at SPE Dallas Section Study Group: Machine Learning 101 in the Midland Basin
Novi Technical Advisor Ted Cross will be presenting at the SPE Dallas Section Study Group, covering the basics of machine learning: when to use machine learning, data preparation, measuring performance, how to explain model results, and leveraging the model for optimization scenarios. The presentation will then review applications of these concepts in the Midland Basin using a public-data model, looking at completions sensitivities, geology-spacing interactions, and asset development optimization case studies.
AAPG 2020: Before the Basin Model: Using ML & Formation Tops to Understand the Effect of Burial History (ID 4694)
What is the minimum amount of geological data required to build a predictive model? Traditional basin modeling approaches utilize expensive datasets and significant time expenditure to understand and predict fluid distribution around the basin. Machine learning offers an empirical method to generate similar predictions. In contrast to the forward-modeling method of traditional basin modeling, machine learning looks for implicit relationships between training and target variables. In this study, we investigate whether a machine learning model fed only geologic tops as input geological data can accurately predict well performance in the Bakken-Three Forks play of the Williston Basin.
AAPG 2020: Tailoring Completions to Geology: A Machine Learning Approach (ID 4686)
Not all rocks should receive the same completion. It’s a simple concept, but it can be tough to back up the theory with statistical evidence. Machine learning provides a powerful tool to analyze the interactions between completions design choices and local geology. In this talk, we analyze interactions between proppant, fluid loading, stage spacing, and geology. We then show that per-well economics can be improved by over $1MM NPV by taking a tailored approach. SHAP values (like in the image above) show what the model is thinking: what exact combinations of geology & spacing are driving these interactions.
AAPG 2020: Prior Well Depletion or Interwell Spacing? Isolating the Causes of Spacing Degradation in the Williston Basin (ID 4697)
Understanding the impact of interwell spacing is tough enough before introducing the impact of parent-child depletion. When you add in the fact that both have a strong correlation with geology—especially in the Bakken, where much of the early producers and early downspacing tests were in the best rock–well, then things can really get hairy. In this talk, we investigate a variety of ways of measuring parent-child and spacing impact, including days online, number of parents within a radius, parent production, and distance to neighbors.
Novi Water Modeling featured in JPT September Issue
Novi’s URTeC 2020 paper, Predicting Water Production in the Williston Basin Using a Machine-Learning Model has been featured in the September issue of JPT.
The article highlights the many ways that the potent combination of machine learning models plus “explainability” datasets like SHAP values (from Game Theory!) can add value for operators, midstream companies, and local stakeholders. Digital oilfield software developed for oil forecasting can be easily adapted for water forecasting!
URTeC 2020: Deriving Time-Dependent Scaling Factors for Completions Parameters in the Williston Basin using a Multi-Target Machine Learning Model and Shap Values (ID 3103)
Applying a single scaling factor over the life of the well for a completions variable will give you an inaccurate production profile — and inaccurate economics! Quantifying the time-variant impact of completions decisions is tough for traditional methods. However, training a machine learning model to predict a time series of production, combined with Shapley values, provides a powerful tool to investigate when completions are most impactful.
URTeC 2020: Predicting Water Production in the Williston Basin using a Machine Learning Model (ID 2756)
Like it or not, most companies don’t spend nearly as much time analyzing water production as oil (and who can blame them!?!). Fortunately, machine learning techniques developed for forecasting oil production can be adapted for water production — it’s part of our standard model delivery.
URTeC 2020: Decomposition of Publicly Reported Combined Hydrocarbon Streams using Machine Learning in the Montney and Duvernay (ID 2795)
Canadian operators have an information problem: in the public data, “gas” wells don’t have to report their liquids content. Novi has developed a solution to estimate CGR that’s twice as accurate as the traditional methods.
URTeC 2020: GeoSHAP: A Novel Method of Deriving Rock Quality Index from Machine Learning Models and Principal Components Analysis (ID 2743)
Since Novi was founded, customers, partners, and prospects have been asking us if machine learning could be used to extract a subsurface model directly from logs. The answer is yes.
URTeC 2020: Evaluating the Impact of Precision Targeting on Production in the Midland Basin using Machine Learning Algorithms (ID 3062)
With the right dataset and right machine learning model, you can get high-resolution answers on fine-tuning your target selection — potentially increasing production by over 10% at zero cost.
Latest news & updates
Novi Releases Next Generation of AI-Driven Modeling Pipeline, Increasing the Accuracy and Efficiency of PDP Forecasting
Latest product innovation from Novi improves accuracy of wedge forecasting, reserves forecasting, and valuation of acquisitions and divestiture opportunities AUSTIN, TEXAS (PRWEB) SEPTEMBER 30, 2020 Novi Labs (“Novi”) today announced the release of the next generation of its artificial intelligence-based modeling pipeline. The first application of this patent-pending pipeline integrates a fully automated and highly accurate Proved […]
Kevin Stambaugh Joins Novi
We are excited to welcome Kevin Stambaugh to the Novi executive team! Kevin brings nearly 30 years of experience as a software and product development manager and has a strong record of strategic leadership across early and growth stage startups.