At Verdazo Analytics, we’ve always been a product of what we’ve been able to learn from our clients. The advancements in our VERDAZO product, services and methodologies have all been inspired and informed by the partnerships we’ve built over the last 10 years and our ‘crowdsourced’ approach to innovation.
As of today, we’re embarking on our biggest business journey to date.
I’m excited to announce that Verdazo Analytics has been acquired by Pason Systems Inc. Calgary-based Pason is a technology company offering fully integrated drilling data solutions, enabling users to collect, manage, report and analyze drilling data in order to optimize the performance and the cost-efficiency of their drilling activities.
At Verdazo Analytics, we are advocates of ‘Discovery Analytics.’ Discovery Analytics is an approach by which a data-driven investigation shifts with new insights revealed during the process. It’s not something calculated from start to finish. It evolves as you go, often bringing you to a point you couldn’t have predicted when you started. The results and decisions made are more pertinent and powerful as a result.
I think of this idea regularly when looking back on the work we’ve done with a producer here in Calgary. They initially used 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.
But that was just the start.
Our Oil & Gas clients continue to emphasize an increasingly acute need to do things smarter, simpler and more cost-effectively across their organizations. That’s one of the reasons why VERDAZO has been effective for them: it enhances their analytical capability and capacity no matter their economic constraints. This is important for any producer where the order of financial magnitude of a decision can be in the multi-millions of dollars. However, it may be even more critical for junior companies who often walk a thin financial line on the way to full capitalization and initial production.
When Calgary-based Burgess Creek Exploration was founded in 2015, VERDAZO was its very first purchase.
The term Multivariate Analysis has gained in popularity – and hype – in the oil and gas industry, particularly as it pertains to completion analysis. The goal of Multivariate Analysis is typically to understand the relationship of multiple input variables to one or more outcomes, attempting to isolate the effect each individual input variable has on a particular outcome. Given the many geological and completion parameters that influence production profiles, it is not surprising that the industry is embracing Multivariate Analysis in its search for optimal completion designs. The use of this term has evolved to include a broad range of tools and techniques, such as:
Image source: Wikipedia
Multivariate analysis encompasses a broad range of tools, techniques, technologies and workflows… but not without notable dangers. I sat down with Tyler Schlosser, Director of Commodities Research, GLJ Petroleum Consultants, who has considerable experience and expertise in this area, for a conversation about Multivariate Analysis. Here’s what came out of our conversation…