The Need for an Agile Well Information Management Solution
From its first well drilled in 2008 to its recent stock market IPO, Parsley Energy (NYSE: PE) has experienced high levels of sustained growth. In just a few years the Texas-based oil & gas company has achieved 35,700 BOE per day from 765 wells in the Permian Basin (current as of September 2016). Supporting its growing operations are 233 employees at its Austin headquarters and Midland field office.
Focusing on unconventional oil & gas, Parsley holds 90,300 acres in the stacked pay core of the Midland Basin (one of the largest concentrations of hydrocarbon resources in the United States). With 14 production units in the region, Parsley has continued to develop the field even when its peers stopped drilling. On average, the company manages drilling activity for six rigs, most of which are devoted to horizontal wells.
Adding to its momentum, Parsley continues to expand operations in its current area of interest, acquiring 42,500ii acres in the Southern Delaware Basin.
Well Information Management Solution and Benefits
Parsley turned to Archeio Technologies to assist with its well information management challenge. Archeio deploys technology and processes designed specifically for oil & gas information management. Key goals of the Archeio solution include: 1) centralized well information that can be accessed securely from any device, 2) adequate context and data validation for structuring this information, and 3) the ability for users to intelligently search and preview document content.
Using Archeio’s intelligent well file solution, Parsley staff reduced the time they spent looking for well information by 60%. When multiplied by the 134 Parsley employees currently using the software, the time savings has translated to huge productivity gains as staff spend less time looking for data and more time on higher value work.