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.

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 these challenges and more by shortening  time to insights through automation and enabling scalability. As a  result, our software empowers teams to invest their valuable time  deriving accurate insights that matter.

The end game is all about maximizing the return on your data. As  Kiran explains, “The way that a manager in an oil company should think  about this is if you have data and are not getting the max value out of  it, it is wasted. That is just as much of an economic waste as pumping  profit into a well that you didn’t get any uplift from. It’s money going  down the drain.”

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 more insights on PDP forecasting, check out previous posts including Ahead of the Curve: Introducing Novi PDP Oil & Gas Forecasting and PDP Risk & Uncertainty

Click here to read more about our PDP product offering: PDP in Oil and Gas Forecasting Press Release.