Our data science team is pleased to announce the release of an improved Texas Well Allocation algorithm. As you may know, oil wells in Texas report production at a lease level while gas wells report at the well level. One of the challenges in Texas is allocating production from leases to wells. Following the release of our new algorithm we have subsequently retrained all Texas Short Term Models, both IP rate and decline models which feed directly into our short term forecast. The changes to the outputs of these models are highlighted below. If you are interested in the details of how we allocate production in Texas please let us know.
As promised, a table of the exact forecast changes will be available in the update email as well as in our database so you can review these changes at any time in the future.
The new model results will be posted with today’s STF release. Please let us know if you have any questions. Support@synmax.com
