'We are excited to establish our presence in data analytics which allows us to deliver another physics-based solution to a broader range of users. While data analytics in reservoir optimization allows clients to make decisions faster, such tools typically come at the cost of accuracy. The acquired technology leverages pre-run reservoir simulation data, using CMGs simulators, to quickly and accurately predict well interaction and performance in varying development scenarios.' said
It is unique in its methodology of applying analytics to physics-based data for achieving type well matching, optimization in well spacing and timing, as well as maximizing asset valuation and production performance.
Compelling benefits of the technology
Significant Time Savings: AI-based analytics reduces data intensive input, and quickly estimates upside value of undeveloped drilling locations using a physics-based approach
Scalable: Producers can run sensitivities on thousands of wells in minutes for field development optimization with high accuracy
Financial Assessment: Facilitates well density studies and capital deployment evaluation to maximize new well economics
Reliable Reporting: Provides quality and integrity in
'This technology is a targeted, early-stage investment that launches CMGs capability in data analytics and addresses a unique need for our clients with unconventional assets. We can now deliver the fastest physics driven production forecasts and economic analysis for companies operating unconventional reserves' concluded Jain.
Dr.
The acquired technology has been used commercially in several US basins including the
About CMG
CMG (TSX:CMG) is a global software and consulting company providing advanced reservoir modelling capabilities to the energy industry. CMG provides cutting-edge technologies that support critical field development decisions for upstream planning and energy transition strategies. CMG is headquartered in
Contact:
Email: cmg-investors@cmgl.ca
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