GLJ Acquires Verdazo's Machine Learning Technology & Consulting Practice
SOURCE GLJ Petroleum Consultants
Acquisition to support energy companies in need of geotechnical expertise
Calgary, AB, Sept. 16, 2019 /PRNewswire-PRWeb/ -- GLJ Petroleum Consultants has acquired the machine learning technology, software and consulting practice from Verdazo Analytics.
The acquisition is a strategic move following a recent partnership with Verdazo on the Spirit River Machine Learning Study, when it became increasingly evident that the need for consistent regional geoscience analysis was a challenge for most energy producers, particularly given staff reductions in a challenging commodity market.
This acquisition will help GLJ support energy companies who need a depth and breadth of geotechnical expertise to integrate into their reserves, development and completion optimization efforts and help clients advance along the learning curve of machine learning technology.
"Acquiring the machine learning software and methodologies from Verdazo gives GLJ a head start in incorporating machine learning technology into our reserves workflow, fully considering the impact that geology, reservoir and completions collectively have on production performance, and helping our clients make the best possible decisions in a challenging economic climate" said Jodi Anhorn, GLJ Executive Vice President and COO.
Verdazo's newly developed, cloud based software platform facilitates the creation and use of Predictive Models for oil & gas companies to more accurately characterize reservoir properties, optimize spacing, and improve completion design.
"In the current state of industry, better and more sophisticated tools are necessary to manage the sheer volume of data we're dealing with and make better decisions faster" said Chad Lemke, GLJ Vice President, Corporate Evaluations. "GLJ will apply the tools in-house to get, and stay, ahead of industry needs, while at the same time it's our intent to share our knowledge and facilitate our clients' own expertise in machine learning."
"The biggest opportunity in the industry to leverage machine learning is also its greatest obstacle… you need consistent regional geological interpretations to take advantage of machine learning's ability to build understanding and inform completion optimization opportunities" said Bertrand Groulx, President of Verdazo Analytics. "The breadth and depth of GLJ's engineering and geotechnical expertise can really help companies accelerate new insights and capital efficiencies."
Verdazo will be providing resources to GLJ in the coming months to facilitate the technology transition and assist in on-going client activities that ensure long-term success.
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