New third-party software offers digital solution to raise drilling efficiency

DNV GL will add a new third-party software solution to Veracity, its open industry data platform, that is based on cleaned data collected from 80,000 oil and gas wells. AGR has agreed to host its iQx software on the platform, which contains information that is vital to companies selecting well locations. Users, such as drilling engineers, can access information on numerous metrics including geology and bit performance, enabling them to make smarter and more efficient operational decisions.

AGR has drilled more than 500 wells and developed the solution in response to the inefficiencies created by the lack of standardized, high-quality information on comparable wells. By using Veracity as a secure and proven way of sharing holding, and preparing cleaned, aggregated datasets, analysis can be made more accurately. This will lead to more efficient well processes through automated well design, automated report generation, continuous digital well access throughout the life of the well and more efficient plugging and abandonment operations.

“We see great benefits and opportunities from working with the Veracity data platform, where we can store, analyze and share data. We believe there is a tremendous savings potential if data is gathered and shared in a smarter way. Running iQx over Veracity makes it possible for us to unlock this potential for new and existing customers,” Petter Mathisen, VP Software at AGR, said.

Launched in 2017, Veracity is an open and secure platform facilitating the exchange of datasets, APIs, applications and insights.

“We are happy to welcome AGR to Veracity and our rapidly growing ecosystem of applications, services and data. The iQx solution will be a valuable contribution to our marketplace,” BT Markussen, Head of Veracity, said.