A large-cap independent oil and gas producer with its corporate headquarters in Houston, Texas, is an OdyxAI’s client. The southeastern region of the United States is home to one of the country’s significant oil resources, and our client’s operations there play an essential role in expanding domestic production there.
After acquiring several oil and gas firms in the area over ten years, our client encountered challenges with document management. Previously, paper-based operations were necessary, which took time, people, and resources.
Our client’s accounting and land acquisition departments faced numerous difficulties when managing land record data and legal documentation necessary for lease and acquisition operations, similar to most oil and gas producers in the sector. The lease and acquisition processes are much more complicated because of the area’s extensive drilling and producing activity.
Additionally, our client had a backlog of over 400,000 lease document sheets from previous purchases and was working with an outdated paper-based data management system.
The main problem was that the document needed to be classified according to corporate data standards, leaving the leasing analysts with no choice but to manually add metadata such as title opinions, assignments, deeds, memoranda, and more. Our client was working with a third-party document scanning consultant to convert paper-based data into digital information. Still, the critical issue was classifying the document according to corporate data standards.
This process is carried out manually and takes more time and resources than expected. During the data extraction stage, OdyxAI collaborated closely with the client’s team to develop a document taxonomy and leasing model.
To quickly classify each document following the customer’s asset structure, we assisted our client in developing an automated document processing solution that employs their taxonomy. In addition, our technology enabled the customer to deftly extract necessary metadata, like payee details, business names, and interest decimals.
According to our client, processing 16 documents using the outdated way takes around a day. And after using our service, they noticed a significant improvement in completing lease documentation, finishing 200+ papers each day on average.
OdyxAI enabled our clients to speed up their documentation’s digitization while saving them 90% of the time required by the previous method. The accounting staff of our client was quickly able to onboard division orders and other data needed to process monthly income.
Additionally, their land department can quickly analyze lease details, clauses, and ownership. As a result of this solution’s success, the customer is now extending its use to other departments within the business that require much documentation, like legal and contract management.
- Lambda Functions