Enhancements eliminate guesswork in forecasting to drive critical business decision-making
HOUSTON, December 01, 2021--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, today announced the U.S. availability of Val Nav™ 2021 v2, its fully integrated decline curve analysis, petroleum economics, and reserves management software. Enhanced features in this latest version remove friction as businesses transition away from outdated legacy tools without compromising existing workflows, and increase the quality of evaluations and provide reliable data to inform critical business decision-making.
"Modernizing the way people work is a cornerstone of Quorum Software’s approach to developing technology like Val Nav," said Tyson Greer, Executive Vice President & Chief Product Officer of Quorum. "The latest release of Val Nav is recognizably people-driven with feature and functionality updates. Teams will enjoy another layer of modeling flexibility in the proven reserves framework trusted by hundreds of upstream companies throughout the industry."
To complement the already sophisticated capabilities of bulk data analysis, security and auditability, advanced economics, and custom reporting, enhanced features in Val Nav 2021 v2 include:
Data Validation: Building trust in the data for Reserves Managers is critical in this update. New tooling to help in complex data validations (e.g., mismatched start dates, missing capital, etc.) gives reserves teams confidence in having reliable evaluations.
Type Well Enhancements: Workflow enhancements to Val Nav’s cutting-edge type well capabilities mean engineers will be able to uncover relationships between completion parameters and well performance, and produce more-accurate type wells in less time.
Reserves Modeling Updates: Building upon Val Nav’s sought-after reserves category modeling capabilities is an improved ability to do layered models: input base, wedge, or total cases – standalone or in combination – for the ultimate in modeling flexibility.
Superior Economic Analysis: New metrics such as netbacks, recycle ratios, capital efficiency, and initial-production rates will aid in project sanctioning and case comparisons. Enhanced break-even analysis will ensure operators are maximizing the value of their assets.
"Adopting Val Nav increased our efficiency so much that it let us move from monthly forecasting to weekly while still recognizing time savings," according to a Senior Reservoir Engineer at a Global Supermajor. "With the time savings, precision improved too because engineers had more time to discuss and evaluate the new, complex, and problematic wells. While the business gained both more frequent updates and more confidence in results, our employees reported improved work-life balance because Val Nav streamlined the process end-to-end with better tools and fewer headaches."
Earlier this year, Quorum merged with Aucerna, a global provider of integrated planning, execution, and reserves software for the energy industry. Operating as Quorum Software, the combined company recently acquired TietoEVRY’s Oil and Gas software business, including flagship solutions Energy Components and DaWinci. Together, the company now serves more than 1,800 energy customers across 55 countries.
For more information on the latest version of Val Nav, visit aucerna.com/valnav.
About Quorum Software
Quorum Software connects people and information across the energy value chain. Twenty years ago, we built the first software for gas plant accountants. Pipeline operators came next, followed by land administrators, pumpers, and planners. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimize profitability and growth. Our vision for the future connects the global energy ecosystem through cloud-first software, data standards, and integration. The trusted source of decision-ready data for 1,800+ companies, Quorum Software makes the essential connections that let us work better together in the connected energy workplace. For more information, visit quorumsoftware.com.
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