Data Evaluation and Integration Challenge
During a recent acquisition in which Arcadia participated, the company needed to carefully evaluate the economic potential of 67 wells. To do this, the company would assess key asset information for each well, a process that had historically placed a tremendous burden on Arcadia’s staff who needed to quickly analyze a large volume of well data.
Based on its experience with previous acquisitions, Arcadia knew that well data could be sent by the seller in multiple formats, physical files, and disk drives with thousands of poorly organized electronic documents. The company’s technical staff could spend weeks trying to find reliable data in order to clearly understand historical asset performance, processes, and strategies used by the seller.
Arcadia had also encountered challenges in the past integrating the information for newly acquired wells with its own systems. Because effective management of producing wells requires up-to-date information, a disruption to the flow of well data can impact production and cash-flow. Poorly organized data and documents in physical and digital form had often impeded the onboarding and integration of critical well data.
Well Information Management Solution and Benefits
Arcadia selected Archeio Technologies to address the short-term challenge of analyzing data related to the acquisition it was participating in as well as the long-term goal to improve well information management on a daily basis within the company.
Equipped with Archeio’s intelligent well file solution, Arcadia performed due diligence on the property under consideration in record time. With well information centralized and classified in digital form instead of physical boxes, the company’s technical staff were able to spend less time searching for data and more time evaluating asset integrity.