CALGARY, AB / ACCESSWIRE / February 16, 2023 / Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) is announcing its entry into data analytics with the acquisition of patented AI-based data analytics technology targeting the development and optimization of shale reservoirs from Unconventional Subsurface Integration LLC.
"We are excited to establish our presence in data analytics which allows us to deliver another physics-based solution to a broader range of users. While data analytics in reservoir optimization allows clients to make decisions faster, such tools typically come at the cost of accuracy. The acquired technology leverages pre-run reservoir simulation data, using CMGs simulators, to quickly and accurately predict well interaction and performance in varying development scenarios." said Pramod Jain, chief executive officer. "We are not only adding an innovative predictive technology to our offering but strengthening CMGs commitment to the digital transformation of the energy industry to improve efficiency, cut costs and reduce risks by leveraging data analytics."
It is unique in its methodology of applying analytics to physics-based data for achieving type well matching, optimization in well spacing and timing, as well as maximizing asset valuation and production performance.
Compelling benefits of the technology:
- Significant Time Savings: AI-based analytics reduces data intensive input, and quickly estimates upside value of undeveloped drilling locations using a physics-based approach
- Scalable: Producers can run sensitivities on thousands of wells in minutes for field development optimization with high accuracy
- Financial Assessment: Facilitates well density studies and capital deployment evaluation to maximize new well economics
- Reliable Reporting: Provides quality and integrity in SEC reserves reporting and addresses reservoir engineering challenges for unconventional reservoirs.
"This technology is a targeted, early-stage investment that launches CMGs capability in data analytics and addresses a unique need for our clients with unconventional assets. We can now deliver the fastest physics driven production forecasts and economic analysis for companies operating unconventional reserves" concluded Jain.
Dr. John Lee, a recognized expert in petroleum reserves evaluations and professor at Texas A&M University commented, "This technology allows operators to analyze the adverse effects on production from well interference rapidly and confidently, in ways difficult to achieve with conventional approaches. As a result, it supports improved production forecasts and leads to better asset value assessments."
The acquired technology has been used commercially in several US basins including the Permian Basin. CMG will assume the ongoing development of the technology.
CMG (TSX:CMG) is a global software and consulting company providing advanced reservoir modelling capabilities to the energy industry. CMG provides cutting-edge technologies that support critical field development decisions for upstream planning and energy transition strategies. CMG is headquartered in Calgary, AB, with offices in Houston, London, Dubai, Bogota, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
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SOURCE: Computer Modelling Group Ltd.
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