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 […]
Automated Well Planning
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 […]
Machine learning models that forecast production for PDP or PUD oil and gas wells may increase accuracy, save engineering time, or replace deterministic models in comparison to in-house methods. These are good reasons to switch to machine learning models and, not coincidentally, these are often the focal points of machine learning sales pitches. However, when […]
It all started as an accident. We passed early time production to a “pre-drill” Novi model. When we saw the results, we were stunned — they were that accurate. Machine learning for PDP oil and gas forecasting was the next frontier. What we had discovered is that existing methods were leaving a whole lot of […]
Are you the House or the Player?
Industry execGarth Stotts continues his series on bias, probability, and risk in the Shale patch with his latest message: successful investments in shale require an understanding of the REAL probabilities of your opportunities, from inputs all the way to cashflow.
Only then will you be in control — and be able to win repeatedly.
09/30/2020: 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 Developed Producing (PDP) forecasting workflow that is integrated into Novi’s Forecast Engine™.
This allows reservoir engineers and financial analysts at oil & gas operators and financial services companies the capability to automate the generation of PDP forecasts with oil and gas AI software, driving improved accuracy of wedge forecasting, reserves forecasting, and valuation of acquisitions and divestiture opportunities.
Novi’s innovative approach to generating PDP forecasts utilizes Novi’s latest AI modeling pipeline to create highly accurate forecasts. Read the full PR here.
Capital allocation decisions made by engineers that work at E&P companies are completely rational and based on unbiased P50 oil and gas forecasts.
If this is your belief, and it must be a belief, don’t read this post!!