Machine Learning, Cloud Computing Aid Permian Asset Management

Dallas-based Archaeio Energy, a provider of software-as-a-service (SaaS) software, has been working with producer Parsley Energy to help the company manage its Permian assets. Archaeio’s cloud-based well information software solution works by applying machine learning to an operator’s existing data to classify and structure information. The technology, which works like a Google search, allows geologists and land and regulatory teams to be more efficient when they’re looking for information on a well through its life cycle, Rex Womble, the company’s CEO’s, told Rigzone in an interview. Oil and gas companies often amass large unstructured data sets and hundreds of thousands of documents related to wells, or well files, the company said in a Sept. 27 press statement. The software also features map visualization and data analytics that show data in…

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