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.
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.
In early 2016 we were pleased to be asked by CAPP (Canadian Association of Petroleum Producers), and several of our clients, to contribute to the recent Alberta Oil & Gas royalty review mandated by the NDP government after its election in 2015. Our invitation to participate was based on the recognition that a critical way to ensure productive dialogue between stakeholders, particularly those with different needs and perspectives, is to start from an accurate, transparent, data-driven analysis framework. As part of our contribution to the review, we used our VERDAZO software to provide rapid analysis on a variety of potential C* scenarios and the impacts they would have on the industry and its stakeholders.
It was particularly satisfying to be able to present our analyses to the panel stakeholders in an easily digestible visual form with our software. In our work with clients across the industry over the last decade, we’ve learned that being able to deliver sophisticated information visually is an effective way to build a data-driven consensus on the best course of action. Here at Verdazo Analytics, we’re very proud of the final outputs of the royalty review and thank CAPP (Canadian Association of Petroleum Producers) for including us in the process.