Oil & Gas production data is the foundation of any analysis or valuation. Key states like Texas, Louisiana, and Oklahoma only provide production data at the lease level (which can include dozens or hundreds of wells), which means that you have to estimate the well-level production. Novi already has the industry-leading allocation algorithm, but we are always looking to improve, and actual well-level data is the gold standard. With the addition of proprietary production data, our customers can be confident in the accuracy of Novi’s production data, with minimal errors from lease allocation or other issues from state regulatory agencies.
As of the end of 2022, just two months after the program’s launch, we already have actual production for over 13% of total tight oil production in Texas, across 50 different operators. In the Midland Basin, this percentage of total production covered is 30%! These numbers will continue to increase in the coming months, as we grow the program.