Energy producers, banks can solve “massive problems, wicked fast”
“BetaZi™ products allow our customers to correctly solve massive problems, wicked fast.” That’s how BetaZi™ CEO Janette Conradson put what her company does, talking to Oil & Gas 360® this week.
Conradson said BetaZi is the first company to deliver the promise of big data to the North American oil and gas industry.
“We did the calculations to make production forecasts on more than three million wells in the U.S.,” Conradson said. “That took BetaZi™ an enormous amount of computational power, but only 48 hours to complete.”
MunichRE, P2 Energy Solutions and Solvenz bank have exclusive, multi-year contracts with BetaZi that allow the firms to make decisions based on the BetaZi well production forecasts, the company said.
New for 2017
Conradson announced that her company has two new products slated to come out in Q1 2017. BetaZi Basin Studies and bzAlmanac™ are pre-loaded, comprehensive play libraries of U.S. wells with production data, clickable map visualizations, graphs and multi-layer filtering.
“What gives these products an advantage is the power of the BetaZi production forecasts, which they contain. These new subscription services have every well in them already, pre-loaded with a current BetaZi forecast showing the user the full range of uncertainty,” Conradson told Oil & Gas 360®.
“Asset managers and engineers can use these BetaZi tools to deliver repeatable guidance in seconds, so they can free up time on the deeper dive for due diligence and engineering enhancements.
“You’re not limited by fractured data models. You have every well’s full risk profile in front of you, instantly,” Conradson said.
Conradson said that bzAlmanac™ is being brought out in conjunction with data partner company P2 Energy Solutions, Inc. and includes BetaZi forecasts on every well in the United States. Offered to users as an annual subscription, P2-bzAlmanac is delivered on a custom P2 online platform which allows exporting of results into all major economic models. The forecasts are updated monthly.
Basin Studies is an exclusive BetaZi product that includes forecasts, associated type curves, pScores™ by operator, and 1st-pass economics for specific U.S. basins. It too is available through a web interface.
In addition to these plug-and-play products, BetaZi is working on more big science and its associated applications to the oil and gas sector. The company has several papers coming out this year for both the UrTec and SPE-ATCE shows that will give some scientific background on how BetaZi leverages results for maximum hydrocarbon recovery, optimized production and increased profit, the company said.
Reserves-backed lending programs
BetaZi has been working with several lenders and their reserves-backed lending programs which now allow for PUD production to be used as collateral. This development is possible solely due to the reliability of BetaZi forecasts and their acceptance by industry.
“Our goal is to make it easy for lenders to have the probability range in front of them, with the confidence that comes from BetaZi™ production forecasts leading to increased liquidity for the energy sector,” Conradson said.
BetaZi presenting at EnerCom Dallas
BetaZi will be presenting at the EnerCom Dallas conference on March 1, 2017, at the Tower Club Downtown Dallas. To register for EnerCom Dallas, click here to visit the conference web site.
EnerCom Dallas brings together oil and gas company senior management, oilservice technology companies and institutional buyside investors. For an up to date schedule of presenting companies and energy markets experts, visit the EnerCom Dallas conference website.