HOUSTON–(BUSINESS WIRE)–NavPort today announced the release of a proprietary and patent-pending, completion-based model for allocating lease production to wells in its NavPort Analytics™ platform.
“NavPort’s data scientists have been developing and perfecting these algorithms for months,” said Eric Foster, NavPort president. “In order to accurately optimize production through better completions, well-level production data is essential. We think our new model is a game-changer.”
NavPort’s model incorporates data sets that are common in the industry such as initial and ongoing potential tests, pending lease production, and wellbore data. What stands out is NavPort’s differentiation in well completion data and analytics.
“The current production allocation models in the industry are the residue of a different drilling age focused on vertical wells,” said Amie Parenti, NavPort’s director of analysis services. “We’ve factored in our industry-leading completion databases and proprietary frac design analytics to give a much more accurate allocation all around – especially in wells that have very little test data.”
Concentrated oil and gas states like Texas and Louisiana currently report production at the lease-level. NavPort’s allocation model delivers well-level production on multi-well leases, and forecasts decline curves with more data points than other methods available on the market. “We involved numerous clients throughout this process to test actual well production against our new model and the models used by our competition,” said Foster. “It proves exactly what we were expecting: using completion data to offset wells produces a better model, and at a really critical time in our industry.”
[VIDEO] Hear about why this methodology is different directly from Amie Parenti, NavPort’s director of analysis services.
NavPort delivers cutting-edge analytic solutions to the oil and gas industry, and is dedicated to providing the most up-to-date information and unrivaled customer support. NavPort has offices in Philadelphia, Houston, Denver, New York, and Dallas. NavPort was developed by industry data scientists in 2014 and has a client-base that includes any company operating, completing, servicing, or analyzing North American oil & gas drilling. The company was founded on a culture of market expertise and innovation.