What drives unconventional oil production? Of course completions, parent-child, and well spacing all play a huge role — but it all starts with the rocks. Understanding the impact and relative importance of the different geologic variables requires REGIONAL PERSPECTIVE. Only then do you have sufficient variation in the underlying properties to learn their effects. The […]
Predictive Analytics
The Changing Impact of Oil Well Design Completions Through Time: URTeC 2020 Novi Paper Summary
“Upsizing well completions increase production 37.5%*!!!” Sure, but when? Where that asterisk lands will have a huge impact on the returns of oil well design completions. If it’s Peak Rate, that might shorten payback. If it’s EUR — now you might have a real valuable well. Oil and gas machine learning models can be trained […]
Building Unbiased Benchmarks with Machine Learning Oil and Gas Modeling: URTeC 2020 Novi Paper Summary
90% of American drivers say they’re better than average, and 90% of Shale focused Operators have “peer-leading” breakevens, returns and well production forecasts. Suuuure they do! How do you cut through Investor Relations fluff to identify top-performing operators to learn from, or underperformers to acquire? We will use machine learning to build unbiased benchmarks for […]
the power of analogy : using novi’s contributing oil well data to understand machine learning predictions
Whether exploring for oil offshore Brazil or scaling type curves in Lea County, engineers and geologists rely upon the power of analogy to estimate the productivity of a given area or engineering design choice. We use geologic and engineering similarities to group oil and gas wells, then we use an average of that group to […]
trust me, I’m an objective engineer: uncovering the inherent bias in oil and gas forecasts
Capital allocation decisions made by Engineers that work at E&P companies are completely rational and unimpacted by their own experiences or personal exposure to the play. Oil well forecasting & completions design recommendations are objective, uncolored by cultural influence, and based on unbiased P50 estimates. If this is your belief, and it must be a […]