Our Companies

Epistemy

Epistemy provides oil and gas companies with software and services to accurately estimate uncertainty in future production predictions from their fields. Companies base expensive (million/billion dollar) capital investment decision such as drilling wells, or platform upgrades based on the predictions of computer stimulation models of the flow of oil across the reservoir. The uncertainty in these computer predictions is due to the fact that the data used to condition these models is extremely expensive to acquire and scarce (i.e. you can only drill a limited number of wells). The result is there are many models that can fit the very limited data available.

Epistemy’s technology automates the process of finding many models that fit the data, thereby saving engineering man-time – a process called automated history matching (AHM). It then uses these models to predict the range of future production that is possible from the reservoir given the limited data and converts this range into probabilities. Engineers and managers can then use this data to estimate the financial risk of different development options and optimises the development strategy. This process helps to save money by helping prevent bad decisions and help produce additional oil by identifying undiscovered good development options, thus delivering extra revenue to the client. Epistemy’s unique selling points are in providing more accurate results, faster, through its unique combination of algorithms developed through research at Heriot-Watt.