[New URTeC Paper] “Shell’s Approach to Production Scaling Factors and Data Analytics Best Practices”

Dear Subscriber,

In this week’s newsletter, we share with you our latest URTeC paper we coauthored with Shell; "Using Machine Learning and Data Analytics to Improve Type Curve Generation and Optimize Field Development Planning in Argentina’s Vaca Muerta Formation"

Also, We're thrilled to share that we'll be returning to NAPE! Come visit us at booth #2424 from February 7 to 9. Schedule a 1:1 meeting for valuable insights into high-impact opportunities.

Building on our previous newsletter's theme, we've got two must-read posts by our VP of Product Management, Ted Cross : "Predicting Water Production in the Midland Basin" and "Permian Basin Dominance in Unconventional Oil Production"

That's not all! We conducted a LinkedIn poll on the highest salary potential in the oil and gas industry. Check out the results below!

[URTeC Paper] Using Machine Learning and Data Analytics to Improve Type Curve Generation and Optimize Field Development Planning in Argentina’s Vaca Muerta Formation

New URTeC Paper: “Shell’s Approach to Production Scaling Factors and Data Analytics Best Practices”

In this URTeC paper we coauthored with Shell, we studied over 250+ unique scenarios to uncover insights from various datasets, refining the process for optimizing well production.

Ready to explore? Visit the OnePetro abstract link for instant access (link in the comments). If you’re not an SPE member, reach out to our team at [email protected], and we’ll promptly share the paper with you!

[Event] We are Attending NAPE 2024!

We’re thrilled to be part of this year’s NAPE event, and it’s particularly special as we unveil innovative analytics solutions using our proprietary production data. Prepare for a live demo of our energy analytics solution, offering comparisons with peers, insights into market trends, and assessment of future revenue potential.

Don’t miss the chance to uncover hidden opportunities with our energy solutions and discover the true value of the acreage you have your eye on!

?? February 7-9, 2024

?? Houston, TX

Predicting Water Production in the Midland Basin

Water, water everywhere in the Permian? Not so fast...

We trained our machine learning models to predict water production around the Midland Basin. Just like oil production, water production is driven by geology, completions design, lateral lengths, and spacing/parent-child relationships, and it can be accurately predicted.

Here, I am showing a map of where our models see more or less water, based purely on the geology. This actually follows our exact same process for mapping rock quality for oil, just directed at a different stream.

In the Midland, there is a huge variation both vertically (between formations) and laterally (across the basin). Overall, the higher zones (Spraberry) produce more water than do the Wolfcamp, but even within that there is a wide range.

The Lower Spraberry is more water prone the further east you go in the basin. The Wolfcamp A is generally not as water prone, but that changes as you move to the east in Howard County. The Wolfcamp B, by contrast, has highest water production along the middle of the basin.

Just a quick heads up for any Novi Machine Learning customers reading this post: you can turn on water predictions just by checking a box in Model Engine. Feel free to reach out for any help reviewing your results!

[Poll] Which Engineering Discipline Do You Think Has The Highest Salary Potential in the Oil and Gas Industry?

Engineers, which discipline do you think holds the key to the highest salaries in the oil and gas industry?

Here's the breakdown of the results. What are your thoughts?

Permian Basin Dominance in Unconventional Oil Production

In American unconventionals, it's the Permian, and then all the rest.

As production levels in the Eagle Ford, Bakken, and DJ have stagnated, the Permian has set new highs, breaking through 5 million barrels a day in September of last year. The turning point was the pandemic, with the Permian producing 50% of Lower 48 unconventional oil production for the first time that month.

It's worth celebrating the basin's incredible growth and strategic importance. Our current cycle seems to be reaching an end, with rig counts falling and consolidation on the rise. If previous downturns were any indication, the Permian will prove the most resilient basin. With low breakevens, a wide range of viable reservoirs, and a diverse set of operators, the Permian is well-positioned for success across market cycles.

Ready to see what’s under the hood and how Novi Labs can help you get valuable insights?

Book your personalized demo with our team: https://novilabs.com/request-for-demo/