Laredo Petroleum manages Big Data
COMPANY UTILIZES ADVANCED TECHNOLOGIES, WORKFLOWS,
EXTENSIVE DATABASES IN DRILLING PROGRAM
ANTHONY ANDORA, EDGE CONSULTING, SANTA MONICA, CALIF.
THINK OF THE LARGEST oil producing regions in the world.
Did you think Saudi Arabia, Iran, or Russia? What about Texas?
Was Texas included in your list of top oil producing regions in
the world? Many people may not know this but if Texas were
its own country it would rank as roughly the fifth-largest oil-producing region in the world. And if we take that one step further
and look solely at the Permian Basin and consider the Permian
Basin as its own country, it would rank as roughly the twelfth-larg-est oil-producing region in world.
But unlike days past, when Texas wildcatters would forge
out into the world with the hopes of finding oil and natural gas
on a wing and a prayer, today’s companies are using new technologies, technical workflows, extensive databases and planning
methodologies to all but ensure their success before drilling a
Laredo Petroleum, a pure-play Permian Basin oil producer,
is using data gathered since the inception of the company, along
with advanced technical workflows to guide the planning of its
drilling program and success. This approach toward developing
its multi-decade inventory enhances the overall value of its
acreage and, equally important, limits the risk profile for its
PREVIOUS SUCCESS DRIVES ADDED VALUE
Randy A. Foutch, has made a career out of finding and developing
oil properties in some of the industry’s most successful basins.
One of his first major stretches as CEO of an oil and natural gas
company was with Lariat Petroleum, an E&P company with
assets located predominantly in the Anadarko Basin. Founded
in 1996, Foutch invested roughly five years, identifying, developing, and building the company’s asset base before Newfield
Exploration came knocking on Lariat’s door and acquired the
As of March 2017, Laredo wells
using the Earth Model database
and optimized completions have
performed at an average of 136%
of the company’s 1. 3 MMBOE