P2 Energy Solutions today announced the release of P2 Forecast, a new analytics solution that generates unbiased, probabilistic oil & gas production forecasts automatically, freeing up engineers’ time to focus on other engineering-intensive, value-added activities. P2 made the announcement at the Petroleum Network Education Conferences’ (PNEC) 20th International Conference on Petroleum Data Integration, Information and Data Management at the Houston Marriott Westchase.
P2 partnered with BetaZi – developer of the BZ Machine, a physics-based predictive analytics engine – to create P2 Forecast. The BZ Machine generates a million different physically-plausible curves and groups them into percentiles using a company’s monthly production volumes. The forecasts produced by P2 Forecast are:
- Automated: Because the forecasts are machine-generated, no engineering time or manual intervention of any kind is ever required.
- Accurate: Blind tests have shown P2 Forecast’s projections to be much more accurate than those done by hand.
- Probabilistic: P2 Forecast generates a full range of future production possibilities, from p1 to p99, for every well in which a company has interest.
- Fast and Unbiased: Unbiased forecasts for tens of thousands of wells can be produced in a matter of hours, not the weeks or months traditionally required.
Armed with these forecasts, upstream oil and gas teams can make quicker and more-informed decisions related to economics, reserves, well interventions and future acquisitions – all of which have taken on a new level of importance in today’s low-price, every-dollar-matters commodity environment.