The announcement follows a long line of investments in sub-surface expertise, including a recently released product pioneering well-spacing and parent-child relationships between wells, two of the most important topics in the oil and gas industry as operators transition from delineation to developmental drilling programmes.
Fringe and infill areas of today’s most prolific basins, emerging plays, and specialty areas will all benefit significantly from these expanded datasets, as will the derivatives that are produced from this influx of additional data. As just one example, more landing zones and wellbore statistics of higher precision will expand Enverus’ geographical areas of coverage.
“Not all data are created equal,” noted Jimmy Fortuna, Senior Vice President of Products at Enverus. “RVI shares Enverus’ commitment to quality geologic interpretations as the basis for advanced analysis, making this acquisition an ideal fit for both companies. These assets are core to the work our customers are focused on, as well as instrumental in their field development plans. It’s a significant addition to our existing, robust geologic and engineering assets, and makes Enverus one of the largest interpreted dataset holders in the market,” Fortuna said.
“With the advent of powerful and inexpensive machine-learning technology, some have statistically modelled the subsurface using sparse datasets. Models produced using machine learning or statistical methods are only as good as the ground truth datasets used to train them. Sparse datasets fail to appropriately constrain the models that depend on them, and they also don’t realistically allow customers to improve the models with their own data and interpretations,” he said.
“Our best-in-class training dataset produced by the ongoing interpretive work of geoscientists specialising in specific basins and using our proprietary Transform technology already placed us firmly ahead of our peers. This acquisition increases that lead substantially,” Fortuna said.