SAN ANTONIO, Oct. 13, 2016 (GLOBE NEWSWIRE) -- P2 Energy Solutions today announced the release of P2 BZAlmanac, a library of accurate, probabilistic and unbiased oil and gas production forecasts for every well in the U.S. These forecasts facilitate the decision-making process for a variety of users, from financial investors and state planning officials to production engineers and upstream firms heavily involved in acquisitions and divestitures. P2 unveiled the solution to a group of hundreds of oil and gas professionals at its annual user conference, P2 ASCEND.
P2 partnered with BetaZi – creator of the BZ Machine, a physics-based predictive analytics engine – to develop P2 BZAlmanac. P2 BZAlmanac’s forecasts are a combination of Tobin well and production data and long-term production forecasts generated in an automated fashion. The forecasts provide the full range of future production possibilities – p10 to p90 values – and are updated every month, putting the most complete and current forecast information at users’ fingertips. P2 BZAlmanac enables users to generate forecasts for individual wells or aggregate wells by reservoir, operator, basin, state or county.
“Investors looking to make sound investments, state officials who want to make better resource-allocation decisions, production engineers who want to compare the performance of their wells with the performance of their competitors’ wells, and oil and gas executives looking to make more prudent A&D decisions can all benefit from these forecasts,” said Tony Sperduti, P2’s Senior Vice President of Tobin Data Solutions. “Having a better understanding of how wells are going to perform in the future is always going to lead to better decisions.”
Added Janette Conradson, BetaZi’s Co-founder and CEO: “BetaZi is pleased to announce the launch of P2 BZAlmanac. This comprehensive tool represents a step change for the oil and gas data information sector. Every well forecast automatically available for all U.S. wells is a powerful data point. P2’s development and management teams were excellent partners to work with. Together, we have built an exceptional tool that will greatly assist stakeholders to make more confident, informed and profitable decisions from the oil patch to Wall Street.”
P2 also partnered with BetaZi to create P2 Forecast, which was released in May 2016. P2 Forecast uses a company’s monthly production volumes and the BZ Machine to generate monthly production forecasts, freeing up the engineers’ time to focus on engineering-intensive, value-added activities.
P2 and BetaZi will be giving demos of P2 BZAlmanac at various tradeshows in the coming months, including NAPE Summit, which is scheduled for Feb. 15-17 at the George R. Brown Convention Center in Houston.
About P2 Energy Solutions
P2 Energy Solutions Empowers the People Who Power the World. Upstream oil and gas professionals who are focused on solving tough challenges rely on P2 software, data and analytics solutions to optimize their business performance. More than 1,600 companies from around the world use P2 solutions to manage their land assets, measure and process financial information, optimize production, manage their reserves and so much more. www.p2energysolutions.com.
BetaZi is a Delaware LLC that creates state-of-the art production forecasting solutions for the oil and gas industry using physics-based predictive analytics. BetaZi has been providing meaningful intelligence for profitable outcomes to producers, financiers and investors since 2012.
Note: P2 BZAlmanac-related interviews can be scheduled through Alex Schultz, who can be reached at email@example.com or +1 (303) 390-9437.
The above is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for P2 Energy Solutions’ products remain at the sole discretion of P2 Energy Solutions.
Source: P2 Energy Solutions