Business & Tech Trends 2014 - Dan Arnold, Epistemy
-
Upload
albainnovationcentre -
Category
Business
-
view
166 -
download
2
description
Transcript of Business & Tech Trends 2014 - Dan Arnold, Epistemy
![Page 1: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/1.jpg)
Dan Arnold
Founder and CEO
![Page 2: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/2.jpg)
Our Mission
Create outstanding software to help the oil industry
maximise oil recovery from existing fields
![Page 3: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/3.jpg)
Best case
from an
experienced
BP engineer
Best case
from Raven
How do we create value?
Raven found an additional
3 million barrels of oil = $30 million
(From one application of Raven compared with an experienced engineer)
![Page 4: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/4.jpg)
Average recoveries
from North sea fields
30%
![Page 5: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/5.jpg)
Barrels oil. Proven UK
reserves under
development
7.4 billion
![Page 6: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/6.jpg)
Value of additional 5%
recovery in oil
$16.75 billion
![Page 7: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/7.jpg)
0.3% UK’s proportion of
global oil reserves
![Page 8: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/8.jpg)
Time
Fie
ld O
il P
roduction
Rate
Wells to
Maintain
Plateau
40 Wells to
Target Unswept Oil
and
Extend Field Life
+50
More from Mature Oil Fields
Optimisation History matching, uncertainty
and optimisation
![Page 9: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/9.jpg)
New fields: smaller, more complex
Spends & Trends 2008-2017: Key Global Oil & Gas Markets – Summary, Scottish Enterprise and Scottish Development International
= bigger opportunity for Epistemy
![Page 10: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/10.jpg)
Raven software
• What it does
– Computer software to accurately quantify uncertainty and risk in
oil field development then identify the optimal way to increase
value
• To Whom
– Oil companies (users = reservoir engineers)
• The value
– Improved handling of risk means better decision making,
increased production and more profit.
![Page 11: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/11.jpg)
History Matching Forecasting under
uncertainty
Optimisation
One software – three functions
Pro
duction
Time
Shut in date
Lik
elih
ood
Production
$ P
roduction
Time
![Page 12: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/12.jpg)
Current status
• Incorporated in 2009
• Raven 1.0 was released in January 2012
• First sales April 2012 (JOGMEC)
• Repeat sales April 2013 and 2014 (total revenue £310K)
• Version 2.0 for release in Q3 2014
• Current version 1.5
![Page 13: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/13.jpg)
“Raven 2 will introduce new stuff in the
oil industry, that will not be followed by
other companies, big ones, old ones”
Raven client
![Page 14: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/14.jpg)
The Team: Founders
Mike
Christie
Dan
Arnold Jack
Talbot
Global expert in reservoir
simulation and uncertainty
• 18 years at BP
• Heriot-Watt since 1999
• Founded and runs Uncertainty
Project
Co-founder and CEO
• PhD in uncertainty quantification
• RSE enterprise fellow 2009-10
• Expertise in geological uncertainty
Lead software developer
• MEng in computer software
engineering
• Expertise in human computer
interface design
![Page 15: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/15.jpg)
The Team: Executive team
Alan
Faichney
Derek
Shepherd
Business leader and Non-Exec designate
• 33 years in oil and gas
• Co-founder of concept systems
• Former COO DEM solutions
• CEO Edinburgh instruments
Business leader and Chairman designate
• MD Taylor Woodrow (Nigeria)
• MD (UK) Aggreko
• International director (board) Aggreko
• Helped grow sales to $1billion over 11
years
![Page 16: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/16.jpg)
Our Goal from investment
– Provide outstanding software to help the oil industry maximise
oil recovery from existing fields by rapidly building a
professional sales team
– build a company valued at £25-50 million in 5-10 years.
![Page 17: Business & Tech Trends 2014 - Dan Arnold, Epistemy](https://reader034.fdocuments.in/reader034/viewer/2022051514/5487b66eb47959ce0c8b5557/html5/thumbnails/17.jpg)
$30 million, one application
“The collaboration between Heriot-Watt and BP has resulted in a step-
forward in practical, multi-objective optimisation capability for the
industry”
Manager, Advanced Reservoir Performance Prediction, BP