Laredo’s new computer model leads to increased production
TULSA — Laredo Petroleum Inc. has boosted its second-quarter production estimates while continuing to lower costs, the Tulsa-based oil and natural gas producer said Monday.
The Oklahoman reports that Laredo executives recently touted a new computer model they say has helped the company plan its drilling projects and predict the wells’ success. The Earth Model combines three-dimensional seismic data, information from well cores and more than 50 microseismic data points throughout the Permian Basin in west Texas, said James Courtier, Laredo’s vice president of exploration and geosciences technology.
“This is an amazing data set ” Courtier said during a conference call with analysts. “It allows us more accurate forecasts of production up to six months out ”
The model also helps Laredo employees decide where and how to drill, said Karen Chandler, Laredo’s director of operations, technology and planning in the Permian Basin.
“The Earth Model has resulted in optimized well locations and optimized landing points” she said.
In part because of the computer modeling, Laredo executives boosted the company’s second-quarter production forecast by 6 percent to a range of 4.1 million to 4.3 million barrels of oil equivalent, up from the earlier guidance of 3.8 million to 4.1 million equivalent barrels.
READ MORE of this story in The Oklahoman by Adam Wilmoth. Photo courtesy of Laredo Petroleum.