Announcing P2 Forecast: A Probabilistically-Based Production Forecast Solution for Upstream Oil and Gas Companies05/17/2016
Solution’s automated forecasts enable teams to make quick, strategic decisions related to economics, well interventions, budgeting and planning
HOUSTON, TX – (May 17, 2016) – P2 Energy Solutions today announced the release of P2 Forecast, a new analytics solution that generates unbiased, probabilistic oil and gas production forecasts automatically, freeing up engineers’ time to focus on other engineering-intensive, value-added activities. P2 made the announcement at the Petroleum Network Education Conferences’ (PNEC) 20th International Conference on Petroleum Data Integration, Information and Data Management at the Houston Marriott Westchase.
P2 partnered with BetaZi – developer of the BZ Machine, a physics-based predictive analytics engine – to create P2 Forecast. The BZ Machine generates a million different physically-plausible curves and groups them into percentiles using a company’s monthly production volumes. The forecasts produced by P2 Forecast are:
- Automated: Because the forecasts are machine-generated, no engineering time or manual intervention of any kind is ever required.
- Accurate: Blind tests have shown P2 Forecast’s projections to be much more accurate than those done by hand.
- Probabilistic: P2 Forecast generates a full range of future production possibilities, from p1 to p99, for every well in which a company has interest.
- Fast and Unbiased: Unbiased forecasts for tens of thousands of wells can be produced in a matter of hours, not the weeks or months traditionally required.
Armed with these forecasts, upstream oil and gas teams can make quicker and more-informed decisions related to economics, reserves, well interventions and future acquisitions – all of which have taken on a new level of importance in today’s low-price, every-dollar-matters commodity environment.
“Forecasting production from proved developed producing wells should be easy,” said Dr. James Rector, a Professor of Civil Engineering and Earth and Planetary Science at the University of California, Berkeley. “However, production engineers – who do the bulk of the forecasting – are trained to understand how wells operate, not the finer details of curve fitting, differential equations, statistics and machine learning. And they shouldn’t have to know these things. Their job is hard enough without a lot of mathematical overhead. P2 Forecast, powered by BetaZi, overcomes this common challenge. It brings production forecasting and decline analysis into the modern world.”
Added Chris Lenig, P2’s Senior Vice President of Production: “Accurate production forecasts and better decision-making go hand in hand. We’re very excited about P2 Forecast and what it can do for upstream oil and gas companies.”
P2 will be giving live demos of P2 Forecast in booth 404 at PNEC, which runs from May 17-19. P2 will also be hosting a free cocktail reception on May 18 at Sherlock’s Baker St. Pub (located in the shopping center adjacent to the Marriott Westchase) to celebrate the launch of P2 Forecast. PNEC attendees and non-attendees alike are welcome to attend. To RSVP for this event, please follow the link below.
BetaZi creates state-of-the-art production forecasting solutions for the Oil & Gas Industry using physics-based predictive analytics. BetaZi has been vetting its new science and providing meaningful intelligence to producers and financiers since 2012. Having modeled over 400,000 wells, we know that our automatic results are accurate and useful for decision makers from the oil patch to the board room. Using cutting-edge technology, BetaZi helps clients make confident, profitable decisions for their assets in record time. www.betazi.com.
P2 Energy Solutions Empowers the People Who Power the World. Upstream oil and gas professionals who are focused on solving tough challenges rely on P2 software, data and analytics solutions to optimize their business performance. More than 1,200 companies from around the world use P2 solutions every day to manage their land assets, measure and process financial information, optimize production, manage their reserves and so much more. www.p2energysolutions.com.