The proof of the pudding is in the drainage: Actual Customer—Should we put in 5 wells or 4? Should we wine rack or stack? Petro.ai stitched together a large model. We calibrated their assumptions on drainage. Then we trained that multivariate model to predict production. Accuracy of the model: 91%. Our ongoing mission is to shift the O&G industry away from an understanding of shale that’s restricting business growth and leaving too much oil and gas in the ground. A complex understanding provides a pad’s full drainage potential.
Should dogs wear sunglasses: No. Maybe older dogs with sensitive eyes or cataracts, but it’s generally agreed that except for a fabulous fashion statement, sunglasses don’t do anything for dogs. Are AI data driven answers the best: Yes. Targeted data loaded and applied in AI (artificial intelligence) driven algorithms provide tradeoff solutions to specific questions. BI (business intelligent) data analytics can build some lovely graphs, but the application to solutions is not always relevant or clear. AI and data together “drive ever more accurate, complex, and sophisticated predictions.” Without AI, your data isn’t doing enough for you.
Cartographers of the subsurface: To understand the 3rd dimension lying below the landscape, engineers employ an array of mapping techniques sorting out the subsurface section by section. Shale has opened up a greater need for geomechanical inputs and an added complex understanding of the hydraulic fracture process. There be dragons in shale.
Fragmented decision making in shale: Interdependent variables are analyzed separately which results in isolated frames of reference that can’t consolidate the subsurface geomechanical intricacies of hydraulic fracturing. Petro.ai Scenario Analysis: Modeling reports that pull together the information needed, consolidating your pad and completions optimization calculations to choose your best economic scenario. Asset management scattered across numerous software programs leads to fragmented decision making. Teams are fed pieces of information that are not blended cohesively. And decisions have to be made faster than the speed of drilling. You don’t need one more software tool. What would be great is to have your options known quickly and clearly. With your tradeoff possibilities laid out in front of you, you can drive those decisions home with timely confidence. That’s why results-oriented processes like Petro.ai Pad Scenario Analysis (PSA) and Completions Scenario Analysis (CSA) are making a big difference in the oil and gas industry today.
We all do it. And it’s a huge hidden cost. We make decisions based on our intuition, on our sense of what’s there that’s important, on our own historical derivations, on our cognitive biases. We think we’re working with the facts, but as Hans Rosling in Factfulness demonstrates in chapter after chapter, our construction of reality which decides our view and ultimately our decisions every day is wrong about some basic truths that we hold evident.
FracPrint AI: FracPrint technology is the strongest predictor in a multivariate model. Everybody can make multivariate models but Petro.ai’s are going to be the most informative and most accurate because we have FracPrint which results in the drainage volume. FracPrint lets your rock speak. Well-to-well Variation: Well-to-well variation is explaining why one well is different than the other. And the reason? It’s the drainage. It’s the drainage because it was offsetting a parent. Or it’s the drainage because it’s in a different interval. Drainage is your rock speaking volumes.