This press release just came out: http://www.oilandgas360.com/software-innovations-showcased-oil-gas-conference/
Our own Dr. Heidi Kuzma led the session with her discussion of BetaZi science. As Oil and Gas 360 reported:
BetaZi: Building Better Type Curves and Production Forecasts
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.
The presentation highlighted the importance of accurate production forecasts to E&P investment decision making. Is your well a gusher that will provide a high NPV and short payback time before tapping out, or a long-producer with a low NPV and long payback time that will provide steady cash flow over the years?