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BetaZi Basin Studies offer “one million petroleum engineers forecasting on each and every well”
Last week, BetaZi announced that it will be offering studies on individual oil and gas basins in the U.S.. For every well in the covered basins, BetaZi includes the company’s oil and gas production forecasts, associated type curves, pScores, first-pass economics and Tobin well data. BetaZi generates oil and gas production forecasts using proprietary physics-based predictive analytics, which the company claims are the most accurate and reliable available.
BetaZi’s software seeks to overcome the complicated workflows caused by the ad hoc math required to forecast production from existing wells and build and test type curves. Hang ups in this process include noisy data, multiple stages and flow regimes and cumbersome adjustments.
The software package uses physics-based prediction methods to automatically build probabilistic forecasts for individual well production, eliminating the complicated and error-prone nature of such work.
“BetaZi’s generative model (proprietary physics-based predictive analytics) provides an instant assessment of quantified uncertainty to stakeholders for the first time, ever,” BetaZi Founder and CEO Janette Conradson told Oil & Gas 360®.
“Equipped with a view of all possible outcomes for the asset or play being studied, the customer is able to get to a very sophisticated and reliable level of understanding rapidly.
“This ‘jump start’ is like asking a team of one million petroleum engineers to forecast on each and every well, and allowing their forecasts to inform yours,” she said.
The aggregated valuations offered in the Basin Studies are engineered to the specific risk tolerances of the user, and are accessible instantly to the user. “Taking the work flow down from two months or more just to gather all the data to two minutes is a definite game-changer,” said Conradson.
“Our goal here was to get the power of BetaZi into the hands of users with the data they needed to apply their own metrics and assumptions to the deal, and at a price point that allows any size shop to benefit from the newest science.”
Individual Basin Studies are available directly from BetaZi and will be released in this order: North Dakota/Bakken, Eagle Ford, Niobrara, SCOOP, STACK, Permian and Marcellus. Other basins are available by request. Each Basin Study is based on the most current public data available on the date it was created, the company said in its press release.
Software innovation in the oil and gas industry
BetaZi presented at EnerCom’s The Oil & Gas Conference™ in August alongside other companies offering the latest software solutions to oil and gas companies to help improve production and decision making. For a better understanding of where BetaZi sees the future of software in the industry, watch the webcasted panel discussion here.