Novi Insight Engine
Lease Allocation Data
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 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.
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