DNV GL’s Veracity Platform Expanded with iQx Software

DNV GL will add a new third party software solution to Veracity, its open industry data platform, that is based on cleaned data collected from 80,000 oil and gas wells.

AGR, a well design and drilling project management firm, has agreed to host its iQx software on the platform, which contains information that is vital to companies selecting locations of wells. Users, such as drilling engineers, can access information on numerous metrics including geology and bit performance, enabling them to make smarter and more efficient operational decisions.

AGR has drilled more than 500 wells and developed the solution in reaction to the inefficiencies created by the lack of standardized, high quality information on comparable wells. By using Veracity as a secure and proven way of sharing, holding, and preparing cleaned, aggregated datasets, analysis can be made more accurately. This will lead to more efficient well processes through automated well design, automated report generation, continuous digital well access throughout the lifetime of the well and more efficient plugging and abandonment operations.

“We see great benefits and opportunities from working with the Veracity data platform, where we can store, analyze and share data. We believe there is a tremendous savings potential if data is gathered and shared in a smarter way. Running iQx over Veracity makes it possible for us to unlock this potential for new and existing customers,” says Petter Mathisen, VP Software at AGR.

Launched in 2017, Veracity is an open and secure platform facilitating exchange of datasets, APIs, applications and insights.

AGR and DNV GL are also looking to leverage their cooperation further and are seeking partners for a Joint Industry Project (JIP). Through its 30 years of experience as a well engineering provider, AGR has gathered data from national data repositories since 2011. Building on DNV GL’s long experience of running JIPs, the two parties are inviting other industry partners with the goal of creating a smarter more efficient process for drilling and abandoning wells in the future.