By IHS Markit | September 03, 2019
IHS Markit has harnessed the power of artificial intelligence (AI) to assess, automate and predict future production for each of the nearly one million currently producing oil and gas wells in its North American databases—the first time this technology has been leveraged to forecast well-by-well future production for the industry’s most accurate, comprehensive source of commercial oil and gas data, according to global business information provider IHS Markit.
The results are telling—North American onshore base oil-production decline rates are extremely rapid—existing onshore producing wells will decline by 35 percent during the next 12 months. This compares with base decline rates of 5 percent to 14 percent for most petroleum systems globally during the same period, and a base decline rate of less than 15 percent a decade ago in the U.S.
Link to full article.
I was hoping to see some kind of search capability to see how there computer forecasted the wells I'm getting paid by.
IHS Markit has a number of data sourced products geared to the industry. I believe that anyone can subscribe to those reports/databases but they are not cheap. I looked into one some years ago that would provide per well monthly volume reports as opposed to cumulative unit production by month which is the way Louisiana reports in the SONRIS database. It was far more costly than my business could support.
Doesn't Shalecast do this at no cost?
Don't know. I think Keith sold his interest. I don't see any mention of it on the Internet.
Okay, so its an advertisement to sell their forecast...