Demand for our well and land file management software has been overwhelming as E&P companies seek smarter ways to search vast volumes of unstructured data and documents. Archeio’s expansion now extends into the Rocky Mountains through a recent contract with one of the most active and fastest growing players in the Denver-Julesburg (DJ) Basin.
The Denver-based E&P (confidential) selected Archeio’s cloud-based software SkyWell® to store, organize, and navigate a large volume of unstructured data and documents, including well and land information, across its operations. Archeio’s software has delivered rapid results by enabling the producer’s land department to quickly search and analyze the complex legal documents involved in oil & gas leases, reducing the process from months to seconds.
Land File Management Problem
Finding and producing oil & gas creates a massive document trail. Starting with the leasing of acreage through drilling and production, energy producers amass a large volume of documents related to each well, often filling storerooms with decades of accumulated records or building up massive amounts of unstructured electronic data across network drives and servers. Consequently, valuable information – such as a lease, well log, or drilling report – can be difficult to find when it is needed the most.
Launched in 2012, our new client is one of the largest acreage holders and oil producers in the DJ Basin with a current position of more than 220,000 acres and over 1,500 operated wells. The company grew rapidly through drilling and acquisition of properties before its initial public offering on the NASDAQ in October 2016. Due to its rapid growth, the producer had amassed thousands of documents related to its lease holdings and well data, which created a significant land file management challenge.
Valuable office space was allocated to storing land and well files while staff struggled to sift through boxes of records accumulated through it recent acquisitions. Additional land information was stored digitally on a shared network drive but was difficult for staff to navigate and search, or access from mobile devices. As a result, locating key documents could take weeks or even months.
Intelligent Land File Management Solution
The Denver-based producer selected Archeio’s SkyWell® software to solve its short-term challenge of accessing land information and provide a long-term solution for managing all of the company’s digital documents and metadata. The land file management solution included digitization of paper documents, which is performed by an Archeio partner. Digital documents were then loaded into SkyWell®, which uses machine learning to classify, tag, and index document content into a form that could be easily searched by the oil & gas company’s staff.
Using SkyWell’s smart search, land staff are now able to locate land and lease records containing complex legal language in a matter of seconds. What’s more, Archeio’s land file management software is accessible from PCs, smart phones, and tablets, enabling land staff to quickly find the information they need from the office, courthouse, or on the go via field offices.
The company plans to use SkyWell® to centralize unstructured data and documents for all of its operated and non-operated assets. In addition to land information, SkyWell will be used to provide the Denver-based operator efficient access to geology, engineering, operations, and regulatory data.
“Archeio’s speed of execution is a major factor in why we selected their solution,” said Sam Johnson, Business Integration Manager for client. “They were able to standup a working system in less than a month, giving us a one-stop document management solution that is easily supported with existing staff,” Johnson said.
State-of-the-Art Energy Information Management
Traditional approaches to enterprise document management involve long implementation cycles, are extremely costly, and often carry a high support overhead. Archeio’s approach leverages cloud computing, machine learning and energy specific document taxonomies to reduce software and support costs while enabling more efficient access to oil & gas information.
At Archeio, we continually strive to co-own success with our clients by driving new efficiencies with our state-of-the-art energy information management technology. We are confident that Archeio’s focused approach and continually evolving products will deliver fast and secure access to the critical business data that our clients need to sustain growth, improve operational efficiency, and sharpen competitive edge.