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CMG Announces the Acquisition of Early-Stage AI-Based Data Analytics Technology for Maximizing Asset Valuation and Production Performance of Shale Reservoirs
CALGARY, AB / ACCESSWIRE / February 16, 2023 / Computer Modelling Group Ltd. ("CMG" or the "Comp...
About this update from Computer Modelling Group Ltd.
[{"type":"text","content":"CMG Announces the Acquisition of Early-Stage AI-Based Data Analytics Technology for Maximizing Asset Valuation and Production Performance of Shale ReservoirsCALGARY, AB / ACCESSWIRE / February 16, 2023 / Computer Modelling Group Ltd. (\"CMG\" or the \"Company\") (TSX:CMG) is announcing its entry into data analytics with the acquisition of patented AI-based data analytics technology targeting the development and optimization of shale reservoirs from Unconventional Subsurface Integration LLC.\"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 Pramod Jain, chief executive officer. \"We are not only adding an innovative predictive technology to our offering but strengthening CMGs commitment to the digital transformation of the energy industry to improve efficiency, cut costs and reduce risks by leveraging data analytics.\"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 approachScalable: Producers can run sensitivities on thousands of wells in minutes for field development optimization with high accuracyFinancial Assessment: Facilitates well density studies and capital deployment evaluation to maximize new well economicsReliable Reporting: Provides quality and integrity in SEC reserves reporting and addresses reservoir engineering challenges for unconventional reservoirs.\"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 compani...