Today, we live in an information-sharing world, with data growing at such an incredible rate that by the year 2020, for every person on the planet, 1.7 megabytes of new information will be created every second. That includes everything from social media to enterprise and customer data and so on. That number is so large it is difficult to comprehend. The benefit to having this much data available to businesses are the insights it provides to target customers, prospects, make better deals, be more efficient, and the list goes on.
In oil and gas specifically, a lot of legacy data was static and not integrated forcing different cohorts to work in silos, in a sequential, inefficient, and resource intensive manner. This often created tunnel vision, where many man-hours and dollars were spent before the business realized their decision was not right for the company and had to abandon the effort.
With Drillinginfo, these disparate data points are now integrated, providing customers a level of intelligence that was not possible before, including the visibility needed to know where and how to drill or evaluate the next acquisition deal.
This infographic shows the different features and data layers that work together to ensure customers make the best decisions, in the most efficient way possible. At the surface level, we have legal lease points, permits, and polygon information to determine which land opportunities are available or will be soon. To go deeper and understand the value of these opportunities we employ the decline curve analysis tool, available to all customers, which allows you to evaluate the economics of a well’s production and better estimate the return on investment. When evaluating multiple opportunities, Graded Acreage allows you to make direct comparisons controlling for variables such as rock quality. And sitting on top of all of this data are our proprietary map layers, such as heat maps, that allow you to see where the activity is the highest or what area is producing the most.
Standalone data points are not helpful by themselves; connection points, correlations, and integration have to happen to ensure actionable intelligence is provided to drive business decisions. The integrated intelligence also allows resources, both monetary and/or manpower to be much more efficient—providing the highest return on investment possible. As we continue to incorporate more data and functionality into our solutions, our customers will continue to find insights quickly and create value for their organizations during a time when every dollar counts.
Forget tunnel vision. Visibility and context are the here and now, and you have the tools to evaluate all the data in an integrated manner. The more information you have to make the best possible decision, faster than anyone else, the better positioned your company is to win in this market.