Novi Adds Proprietary Production Data to Its Industry-Leading Insight Engine Data Products
Unlocking the Power of Accurate Production Data for the Oil and Gas Industry
AUSTIN, Texas, February 8, 2023 (Newswire.com) - Novi, a leading provider of oil and gas data analytics, is excited to announce that it has licensed and integrated over 500,000 bbl/d of actual, well-level production data into its Insight Engine data offerings from top operators and mineral owners. This enables customers to access the highest quality production data for analysis, valuations, and engineering workflows. Novi plans to continue partnering with operators and royalty companies to extend this proprietary data advantage for its customers.
Poor quality allocated production data is one of the biggest problems for anyone working in the Lower 48. Many U.S. states provide reasonably accurate production data on a well level, but states like Texas and Louisiana only provide production data on the lease level. This means that data providers like Novi usually have to estimate how much of the production from the lease belongs to each of its wells.
With the inclusion of proprietary production data, Novi adds strength to its already industry-leading production allocation algorithm. Novi proprietary production data already covers over 13% of total tight oil production in Texas, just a few months after launching. In the Midland Basin, this percentage of total production covered is over 30%.
Customers that have licensed data to Novi include leading operators and mineral owners. These companies share their actual production data with Novi, and Novi verifies the quality for each well and month, using proprietary algorithms to analyze, clean, and integrate the data with other sources.
"Having high-quality historical production data allows operators, mineral owners, and financial services companies to more accurately analyze well performance, helping make better long-term investment decisions," says Ted Cross, Director of Products. Novi provides this data through its Insight Engine data analytics service, available now.
About Novi Labs
Novi Labs, Inc. ("Novi") provides an oil & gas data analytics platform that streamlines how E&P companies and energy investors scout for acquisition opportunities, make investment decisions and optimize drilling programs within one unified, end-to-end platform which blends market-leading upstream data, engineered datasets and predictive analytics. Novi was founded in 2014 and is headquartered in Austin, TX. For more information, please visit https://www.novilabs.com.
Source: Novi Labs