Machine Learning, Cloud Computing Aid Permian Asset Management
Dallas-based Archeio Technologies, a provider of software-as-a-service (SaaS) software, has been working with producer Parsley Energy to help the company manage its Permian assets.
Archeio’s cloud-based well information software solution works by applying machine learning to an operator’s existing data to classify and structure information. The technology, which works like a Google search, allows geologists and land and regulatory teams to be more efficient when they’re looking for information on a well through its life cycle, Rex Womble, the company’s CEO’s, told Rigzone in an interview.
Oil and gas companies often amass large unstructured data sets and hundreds of thousands of documents related to wells, or well files, the company said in a Sept. 27 press statement. The software also features map visualization and data analytics that show data in a number of ways. Archeio officials say the technology not only improves well information management and reduces information technology costs, but serves as a centralized hub for oil and gas companies to share well information with partners, investors and contractors. The software has also been utilized to expedite oil and gas property acquisitions and divestitures.
The company now is working primarily with Permian Basin producers, including Parsley. Parsley holds 90,300 acres in the Midland Basin’s stacked pay core, where it has 14 production units. The company also manages drilling activity for six rigs, most of which are devoted to horizontal wells. Since its establishment in 2008, Parsley’s production has grown to 35,700 barrels of oil equivalent per day from 765 wells.
“Archeio’s innovative solution allows us to accurately classify well information so data is literally at our fingertips and actionable across the company,” said Parsley Chief Operating Officer Matt Gallagher in the press statement. “Because of this, we now have a competitive advantage on speed of accessing and analyzing our well information.”
Founded last year, Archeio has raised about $1 million of startup capital through seed funding and venture backing. The company has a seven full-time employees and is expanding its product development, sales and support teams as its customer base grows, the company stated in the release.
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