We recently had the pleasure of working with a client to write a case study article for E&P Magazine’s digital oilfield edition. More than anything, this is a mutual success story that describes the pervasive well and land file management challenge and how Archeio collaborated with Parsley Energy to co-won the solution.

Our very own Chief Technology Officer, Chetan Chouhan, teamed up with Parsley Energy’s Director of Information Technology to write this great article.

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Gartner predicts that data volume will grow 800% over the next 5 years and 80% of it will be unstructured data, like e-mail, PDFs, spreadsheets, and other documents.  Gartner also reports the growing unstructured data problem is not a matter of storage, but intelligence.  And nowhere is the data dilemma more apparent than the petroleum industry where wells produce vast amounts of unstructured data and documents.

Over time there have been many solutions for managing large volumes of unstructured well information, such as storing well files on network file folders or using specialized software that requires an army of consultants to implement before the value can be measured.  And the fact is, most energy companies still have storerooms full of physical well files.

Well information is valuable to oil & gas companies in two ways.  First, the measurement or collection of well data carries a high cost.  Electronic well log data, which provides detailed information about the rock formation surrounding a wellbore, is one example.  A company might spend several million dollars to acquire well logs and other geological data sets, but in many cases, this data is poorly organized and spread out across network drives and departmental systems, making the data hard to find when it is needed the most.

Secondly, well information is vital to every day decisions across the petroleum industry.  Decisions that determine the expenditure of millions of dollars depend on having access to accurate data at the right time.  For example, completing a well often depends on approvals from third party investors.  Delays in this decision-making process can cost thousands of dollars each day as staff search for information to provide to partners, all while expensive drilling and completion rigs sit idle.

All too often, valuable information is poorly managed, leaving documents stranded on network drives, isolated in data silos, or even locked in physical filing cabinets.

The petroleum industry has struggled for decades to manage this flood of data but lacked a truly modern, secure and intelligent way to solve the problem.  It’s even more crucial because operators are looking to optimize spending and business processes more than ever before, which is why Archeio Technologies was launched, to improve the way operators access relevant well data.

And what is the value of Archeio to the petroleum industry?  Our intelligent well file solution provides measurable results, drives operational efficiency, ensures asset compliance, and optimizes data consumption.  Learn how Parsley Energy (NYSE: PE) saves 60% of employee time hunting for well documents or how Arcadia Operating saves 75% of the time it used to take to prepare joint interest billings.

Parsley and Archeio Case Study | Arcadia Operating Case Study

 

 


As commodity prices continue to stabilize, oil & gas property deals are on the rise. Approximately 2,000 energy assets are on the market according to an Ernst and Young estimate with property acquisitions expected to increase sharply in Q4 2016.

The increase in oil & gas property deals intersects with another trend in the oilfield. The industry has seen an explosion of well data, most of which is unstructured data and documents. Asset data is vital to the acquisition and divestiture (A&D) process, yet the large volume of well information poses a challenge. Coupled with an increasingly active A&D market, a perfect storm is on the horizon that threatens to delay acquisitions, impact production, and disrupt cash flow.

Efficient access to asset information is key during and after an acquisition. Buyers looking to acquire an asset must carefully evaluate a property or well’s potential in order to make an informed buying decision, yet all too often this data is poorly organized and difficult for buyers to access. As a result, decisions can be delayed or based on incomplete data.

Effective data management is also vital after a sale is made to ensure a smooth transfer of assets and well information from one company to another. In many cases, transferring ownership entails transferring data and historical information on producing wells. Accurate and up-to-date well data is crucial during the transition to avoid the financial impact of well downtime and lost production.

All too often, buyers are burdened with understanding the large volume of unstructured data and documents they receive from a seller. Well information can arrive in multiple forms, boxes of physical files, and disk drives with thousands of poorly organized electronic documents. Engineers, geologists, land and regulatory professionals spend hours trying to find reliable data in order to clearly understand historical asset performance, processes, and strategies used by the previous operator. This manual and inefficient process restricts the amount of time that staff can spend monitoring and optimizing well performance. As a result, production may be lost from newly acquired wells, impacting cash flow and the bottom line.

Archeio streamlines the data onboarding process for operators when an acquisition takes place. The company’s cloud-based well file software and document classification technology intelligently stores well data, giving buyers and sellers centralized access to organized information on-demand from any device.

Archeio’s intelligent well file software eliminates the need to market properties using costly data room services, maintains well data in a common and persistent form, reduces acquisition cycle time, and minimizes well downtime. And because Archeio provides a common environment to store and share data during an acquisition, well information is instantly available to the buyer after a property sale.