DENVER—Lower for longer crude prices have transformed the oil and gas industry as streamlining and efficiencies forced by the downturn stick. At a recent breakfast hosted by venture capital investor Altira Group LLC, the topic was Big Data’s cornerstone role in Shale 2.0.
Since 1997, Altira has invested more than $1 billion with partners in more than 50 companies. Today it is partnering with four large E&Ps as it puts its sixth fund to work. The independents are customers of the portfolio companies as well as investors in the fund.
Dirk McDermott, Altira managing partner, said in his introduction that “Big Data is no longer a big cliché.”
The industry has accepted the new norm of lower commodity prices and that generating healthy returns will depend on optimizing net recovery and individual well performance, said Sean Ebert, Altira partner. The new manufacturing mindset requires that the industry shift from a siloed business approach to that of an interconnected, intelligent oil field.
“We need integrated insights to optimize decision making, with technology underpinning the value chain,” Ebert said. Companies must make decisions in real time while leveraging Big Data and Artificial Intelligence (AI) to achieve predictive analytics over a well’s lifecycle.
SOURCE: Oil and Gas Investor
About Oklahoma Minerals Founder GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.