Blog
February 2, 2021 by

Are You Making Money or Just Oil & Gas?

Are You Making Money or Just Oil & Gas? by Carolyn Pumphrey, CPA, CGA In the past year, everyone in the world has taken on roles they never expected. Parents became teachers, dining room tables became offices, and pets became our co-workers. Taking on additional roles is no stranger to those of us in oil & gas. While it used to be the engineer’s job to keep the volumes flowing and the accountant’s job to keep the dollars accounted for, lines have long since become blurred while everyone works to ensure the best financial and operational performance. Keeping production on and maximized is a thing of the past – we need to make money, not just oil & gas. Focusing on financial, as well as operational, performance ensures your company survives and thrives in tough economic conditions. Best of all, you don’t need to be an Accountant to quickly find opportunities to make an impact on your organizations bottom line. With limited time and resources, VERDAZO enables users to: Assess how your area is performing financially over time and relative to its peers; Identify and prioritize the assets to target to improve your areas financial performance; and Identify where to...

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December 7, 2020 by

Production Surveillance in Under Five Minutes.

As a producer, it is important to be able to quickly narrow focus to specific assets requiring additional attention and prioritize efforts to achieve optimal performance.  In this short blog, I will demonstrate a quick and powerful workflow I have often utilized as a Production Engineer.  This workflow will help you zone in on those assets requiring additional TLC. How is corporate production this week? How does it vary from the prior week? Which assets are contributing to any weekly variance? Are these assets underperforming compared to a theoretical capability? HOW IS CORPORATE PRODUCTION THIS WEEK?  HOW DOES IT VARY FROM THE PRIOR WEEK? As a starting point I must know how current production compares to the prior week production.  The chart below shows corporate total production for the week along with the variance from the prior week.  Is there a positive or negative variance?  Is that variance expected, or unexpected? Figure 1: Corporate Total Weekly Production Summary with weekly variance   VERDAZO TIPS Separate the different Y axis’s by clicking the icon with the two arrows pointing towards one another in the quick bar. Add Chart data in a tabular form by clicking the Data Viewer icon in the...

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Presentations

Machine Learning: Usability, Stability & Interpretability

Machine learning in the Oil & Gas industry has met with varied success and no shortage of hype.  Barriers to success in the industry include data challenges, inflated expectations, and a lack of trust from those who stand to benefit from its results.  In this presentation, we will be showing the bulk of our Spirit River Study from the SPE Subsurface Workshop, plus a whole lot more.  We will explore trust-building approaches that include feature selection, interpretive visualizations, stability considerations, “What’s a good R2?”, and a Man vs Machine simulation.  In the simulation, we compare traditional type-curve generation approaches with those based on machine learning models, using data from the Marcellus.

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Spirit River Machine Learning Study

This machine learning study incorporates GLJ’s consistent petrophysical evaluation of the entire Spirit River play. Coupled with production and completion information, this geoscience data equips Verdazo’s machine learning team & technology to deliver a predictive model, robust interpretive visualizations, and tools that can help explain, feature by feature, the drivers of production performance for each well. This presentation provides an overview of this study and was presented at the SPE Subsurface Analytics Workshop on February 27th, 2019. If you would like to learn more about purchasing the detailed Spirit River machine learning study and predictive model click here.

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Client Stories

Producer uncovers millions in operational improvements while establishing visual analytics culture

One of our favourite things is when our clients are able to get more value out of VERDAZO than they originally expected. We love watching visual analytics cultures take hold, as one project inspires another and users across organizations discover new uses for our product. At one intermediate Canadian producer, a project focused on minimizing downtime yielded a $12 million operational improvement on just a single group of wells. But that was just the start of what they did with VERDAZO. Here’s their story.

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How a producer started its analytics journey

A producer in Calgary used our VERDAZO software as part of an initiative to improve their Well Review process. Their results went beyond their expectations: they were able to free up their engineers from days of manual Excel analysis in advance of a well review, saving time that exceeded $175,000 in annual costs. That initial project also spawned something the producer couldn’t have initially predicted: a commitment to analytics that eventually spread across the organization. New projects were created and an analytical culture took hold as the producer uncovered new efficiencies and value in unexpected places.

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Product Infosheets

Public Data

Explore public data. Identify business opportunities by discovering insights into companies, plays and completion technologies.

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Financial Data

Analyze your accounting data. Optimize financial performance by identifying operating cost issues and revenue opportunities.

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Production Data

Analyze your production data. Optimize production performance, minimize downtime and improve your ability to hit production targets.

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