Blog
April 20, 2020 by

Analytics Checklist – Surviving Low Commodity Prices

When commodity prices fall and capital programs for drilling and completions get cut, its time to turn your attention to analyzing your data and making decisions that will minimize the negative consequences of these times. That’s why Verdazo has given all their clients unlimited licenses to help them dig into their data and find the opportunities that will help them the most. Today I’m going to offer a bit of a checklist and some suggestions about what you could/should be looking at. Essentially what you’ll be doing is a detailed asset review. A typical asset review would be looking at every well and assessing its performance from three perspectives: Production Performance, Financial Performance, and Performance to Plan. A typical asset review would be answering questions like these on a monthly or quarterly basis: Are we on plan? What’s the variance & trajectory? What wells are losing money? Why? Are there identifiable patterns? What are our top performing assets? What’s our strategy to keep them that way? What are our bottom performing assets? What are we doing about it? What cost/downtime reduction strategies are we exploring? (e.g. change in chemical treatments, new workover strategy, equipment changes) What’s our shut-in plan if...

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April 1, 2020 by

Waste disposal: what comes up must go down

More than 2.9 billion barrels (465 million m3) of wastewater were disposed of in Western Canada in 2019. That’s the equivalent of more than 42,000 dispatched truck loads per day. Waste disposal, and associated trucking, is one of the largest operating expenses (from 5 to >50%) facing the oil and gas industry. Verdazo works with clients to analyse their operating costs & target achievable efficiencies. In today’s blog we’ve partnered up with local startups Galatea Technologies & Labsite who work with some of our clients. Galatea has waste disposal decision optimization software and brings waste disposal domain expertise to this blog. Labsite works with clients to optimize completion effectiveness and helped us answer some questions about frac fluid recycling challenges. Go to the end of this blog to learn more about these startups. Our last blog “The White Elephant in the Room” outlined the massive volumes of wastewater that are produced in Western Canada. In this blog we dig into how much wastewater we inject back into the subsurface and the challenges that operators face. Waste Disposal In 2019 North American oil and gas producers spent approximately $41 billion annually on oilfield waste transportation and disposal. $37 billion is spent...

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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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