HOUSTON, Sept. 17, 2019 /PRNewswire/ -- OAG Analytics ("OAG"), experts in improving oil and gas forecasting and planning with proprietary AI, today announced they will be showcasing their next generation well spacing solution at the SPE Annual Technical Conference and Exhibition 2019, being held at the BMO Centre in Calgary September 30 – October 2, 2019. Demonstrations will be available at booth 1625.
"Understanding depletion is essential to improving well spacing decisions," said Luther Birdzell, OAG Founder and CEO. "Open source machine learning can improve the predictability of a single well. However, it typically doesn't understand enough about depletion to know the difference between a single well and a group of wells drilled hundreds of feet apart. The new OAG algorithms enable machine learning to understand enough about reservoir physics to be applied to complex well spacing decisions."
OAG's AI software combines reservoir physics with machine learning to improve drill unit economics as a function of rock properties, well design, well spacing, and drill timing. OAG Analytics has been successfully applied to more than three million acres throughout major shale basins since 2013, including the Permian, Eagle Ford, Bakken, Anadarko, Utica, Marcellus, and Haynesville.
About OAG Analytics
OAG Analytics, headquartered in Houston, is a leading AI software provider for upstream oil and gas. Adding OAG to your workflows improves critical upstream forecasting and planning decisions, including well spacing. OAG runs on Amazon Web Services (AWS) and is a TIBCO Spotfire Technology Partner.
SOURCE OAG Analytics