Late last year, Novi Labs made the strategic acquisition of ShaleProfile, adding data products to our industry-leading analytics offering. Since then, we have pushed the pace on development, applying our data science expertise and unmatched database of operator actuals to provide new and exciting products to our customers. Below, we discuss a few of the most impactful innovations we have made so far this year:
- Improved lease allocation
- Lease acreage maps
- Vertical wells & additional data collections
- Subsurface characterization
- High-rez landing zones
- Integration into Novi Data Engine
Of all the challenges with public data, lease-to-well allocation is perhaps the most impactful, and so we have invested a lot of time and resources to improve our allocation algorithms. This makes a huge difference in states like Texas, Louisiana, Oklahoma and Kansas that report Oil & Gas production at a lease level, not at a well level. Novi has a key advantage when developing our algorithm: Novi Data Network (NDN). NDN members provide daily, well-level actuals which other members can use to train machine learning models, and which Novi can use for research purposes. Today, the NDN dataset comprises over fourteen thousand wells.
The combination of our data science expertise and NDN database allowed us to rapidly identify areas to optimize the allocation algorithm. The graph below shows improvements on our oil allocation we have made recently:
Given the importance of having accurate production data at the well level, this is a strategic project for Novi, and we continue to invest in this work.
Lease Acreage Maps
Another key project was to offer detailed acreage positions of operators and mineral rights companies. By analyzing thousands of investor presentations and other public documents, we were able to rapidly publish acreage maps in our dataset.
Below you can see in detail how these acreage maps look in our platform:
We now provide a database of shape files in our API, which also contains other relevant data extracted such as NRI or WI. This is crucial data to understand how much development potential existing operators still have in their acreage.
New coverage: Verticals, Kansas, and California
To properly value acreage, create supply projections, or perform surveillance, you must be able to account for all the hydrocarbons–not just those from horizontal wells. Novi now collects all of the vertical well data through our platform including production data, well header, etc. This information is now available to Novi data customers.
Additionally, we have added in Kansas and California into our geographic coverage. The addition of these states, combined with vertical wells in the states we already covered, accounts for over 99% of the L48 hydrocarbon production.
Advanced analytics require subsurface data as inputs, whether you are planning future developments, evaluating an acquisition, or researching basin-wide production scenarios. We now provide tabular subsurface data of key shale basin reservoir properties for 12 North American resource plays. There are between 7 to 11 petrophysical attributes per basin, such as water saturations, porosity, thickness, and TOC.
Where was the well landed? Knowing this is critical for understanding production drivers. Novi’s experience in working with operators over many years has led to the development of unique intellectual property and algorithms to land the wells. The combination of our experience, proprietary subsurface data, directional surveys, and operator feedback ensures the right landing zone assignment.
Integration into Novi Data Engine
Of course, we built an integration of our database into Data Engine. With the simple click of a button, you can import Novi header, production, and directional survey data directly into Data Engine. This makes it even faster for you to build analytics-ready datasets.
See Novi Insight Engine in action
The Novi Labs product and development teams are always working hard to bring new updates to the platform. There’s been so much to share over the last few months and we know emails can get lost in the inbox so we thought we’d kick off a regular webinar series to showcase all the changes that are coming through.
To help you learn more about Novi Insight Engine newly added features and how you can get the most out of them, we’re hosting a live demo and Q&A session on the 11th of October 2022.
Get your questions answered in a personalised demo.
Ready to see what’s under the hood and how Novi Labs can help you to get valuable insights? Request your personalized demo today: novilabs.com/demo