Getting the data right and nailing forecast accuracy is critical to optimizing capital and maximizing shareholder return
AUSTIN, Texas (PRWEB) May 15, 2021
Novi Labs, Inc. announces the release of Novi Data Engine™ software. Novi Data Engine™ is a completely reimagined way to manage and publish analytics-ready datasets for the oil & gas industry. The software leverages Novi’s six years of building machine learning models for unconventional development to seamlessly ingest, validate, process, and transform hybrid datasets.
Novi Data Engine™ allows users to:
- Integrate subsurface, time series, geospatial, and well engineering data.
- Integrate proprietary and public data sources.
- Set validity rules to clean data across multiple sources.
- Generate 50+ Novi Spacing features calculated for every well in the dataset.
- Publish a single line per well file to a database structure perfectly suited for business intelligence platforms such as Spotfire, Tableau or PowerBI.
In this era of complex digital transformation and big data in the oil & gas industry, typical data management software lacks the domain context necessary to manage the variety of data types that are required for the oil & gas industry. Engineers and analysts struggle to build sustainable, repeatable processes, and analytical workflows are compromised as a result.
The latest Novi Data Engine™ developments shorten time-to-insights through automation and put more control of the data in the hands of the consumers of the data. Reservoir engineers and analysts can then spend more time deriving insights that matter. Customers report shortening the time spent on data management from weeks to hours with higher quality and accuracy.
According to Mark Milhet, Senior Reservoir Engineer of Birch Resources, “Assembling model-ready data sets has historically been a very time-consuming process. It would often take days to build out the various input files (header, production from various sources and in both daily and monthly format, subsurface data, directional surveys, etc.), ensure consistency across these files, and identify and fill gaps where required data may be missing.
Using Data Engine, I was able to assemble multiple basin-wide, model-ready datasets in a single afternoon. I can spend more time on model interpretation and testing to help influence business decisions, and less time on data preparation, cleaning, and joining.”
Furthermore, the energy industry is rapidly transforming as new A&D opportunities arise and development scenarios evolve. Companies can easily get left behind, and the “Black Box” nature of alternative solutions can cripple companies’ ability to capitalize on strategic initiatives effectively. Novi Data Engine™ provides the flexibility to integrate proprietary seamlessly and public data, define their data quality requirements and configure well spacing algorithms. Workflows are also highly transparent and scalable, allowing cross-functional teams to operate off a single source of truth and quickly update assumptions.
“Data integration and quality are some of the toughest challenges operators face in adopting AI and machine learning forecast models. Getting the data right and nailing forecast accuracy is critical to optimizing capital and maximizing shareholder return,” said Scott Sherwood, CEO of Novi Labs. “Building on customer feedback, our data science teams have been working relentlessly to build a fully automated self-service platform. We are excited to get this product into the hands of users,” he said.
To learn more about Novi Data Engine™ please visit https://novilabs.com/oil-and-gas-software/#data-engine
About Novi Labs
Novi Labs, Inc. (“Novi”) is the leading developer of artificial intelligence-driven business applications that help the oil & gas industry optimize the economic value of drilling programs. Leveraging cutting-edge data science, Novi delivers intuitive analytics that simplifies complex decisions with actionable data and insights needed to optimize capital allocation. Novi was founded in 2014 and is headquartered in Austin, TX. For more information, please visit http://www.novilabs.com.