PrePad, a cloud-based SaaS startup, has proudly announced a strategic investment from Devon Energy in a significant move poised to reshape the landscape of drilling and completions time and cost estimating.
The investment was highlighted in a joint press release on October 7, 2023. This collaboration aims to leverage PrePad’s advanced simulation capabilities to enhance Devon’s well cost and duration models, ultimately improving capital efficiency and decision-making in drilling and completions operations.
Kyle Haustveit, Manager of Devon Energy Ventures, was quoted on the strategic partnership, “Our collaboration with PrePad, a trailblazer in time and cost simulation within the energy sector, holds great promise. Insight into time and cost dynamics is indispensable in our operations, and we have full confidence in PrePad’s ability to augment our capabilities.”
PrePad’s ability to simulate the end-to-end well drilling and completions process for hundreds of unique designs in only minutes is markedly transforming the drilling and completions landscape. This transformation goes beyond the traditional realms of cost and time estimation. PrePad’s introduction of advanced scenario modeling is a significant change, enhancing both the planning and execution phases of development operations. The simulation capabilities and detailed integrated economics stand at the forefront of innovation, departing from traditional spreadsheet-based approaches in the energy sector.
In the press release, Sean Hervo, co-founder and CEO of PrePad, was quoted, “The alignment of our visions for PrePad’s potential is truly exciting. Collaborating with Devon Energy and gaining access to their expertise will provide the PrePad team with invaluable insights to enhance our go-to-market approach as we continue building a valuable product for Devon Energy and the wider industry.”
In summary, this collaboration between PrePad and Devon Energy is positioned to bring together innovative technology and industry expertise to streamline processes, enhance accuracy, and provide comprehensive cost and time analysis solutions for the oil and gas sector.
Learn more about Devon Energy’s strategic investment in PrePad – https://www.prepad.io/news/prepad-announces-strategic-investment-from-leading-us-oil-and-gas-producer-devon-energy
PrePad is a software solution that revolutionizes drilling and completions cost and time estimating and provides advanced scenario modeling during the execution phase of development operations. PrePad allows operators to discover the optimal balance between production, cost, cycle time, emissions, and risk. For more information, please visit www.prepad.io.