Novi Labs (“Novi”) announces the next generation of its artificial intelligence-based modeling pipeline which is to increase the accuracy and efficiency of PDP forecasting. The principle application of this patent-pending pipeline combines an automated and most accurate Proved Developed Producing(PDP) forecasting workflow that is joined into Novi’s Forecast Engine™.
It allows reservoir engineers and financial analysts at oil & gas operators and financial services companies the ability to automate the generation of PDP forecasts, reserves forecasting, and valuation of acquisitions, driving improved accuracy of wedge forecasting and divestiture opportunities.
Novi’s innovative approach makes use of Novi’s new AI modeling pipeline to create highly accurate forecasts for generating PDP. Novi has demonstrated the approach while working near with top tier operators in multiple oil/gas and gas/condensate shale plays, uniformly generating forecasts that are highly accurate than existing methods and approaches.
Novi’s cloud-based well-organized solution has allowed engineering and planning teams to forecast oil, condensate, gas, and water production streams make use of machine learning-driven pipelines collaborated with web-based workflow applications.
Novi’s core technology is set up on machine learning pipelines that support a variety of inputs, inclusive of Novi proprietary well spacing, subsurface characterization, stimulation volumes, and well production data. The next-generation AI-driven modeling pipeline of Novi’s supports building models instructed on data that changes over time such as well spacing, lift, pressure, choke, and more. Novi will resume evolving these pipelines to assist customers to better understand the impact of the operational intervention on a good production, perform counterfactual analysis, etc.
The forecasts are obtained by Novi Forecast Engine™ which is a self-service software capability that allows the rapid generation of pre-drill and PDP forecasts. The output datasets from Novi Forecast Engine are stored in the Novi Cloud™, which supports direct collaboration with business intelligence platforms such as Tableau, Spotfire, or PowerBI. Novi Data™ supplies insights to bring transparency to machine learning and predictive analytics which assist each forecast as part of Novi’s initiative.
Scott Sherwood, Novi’s CEO stated that the latest PDP forecasting capabilities make use of patent-pending machine learning algorithms that permits customers to increase operational efficiency and generate higher-quality forecasts in minutes. Thereby increasing accuracy and reducing the manual, time-consuming process of generating PDP forecasts. Novi admits engineering and planning teams to quickly evaluate A&D opportunities, also give rise to wedge and reserves forecasts in a fraction of the time of current methods.
