Porter Bennett, CEO
Water plays a significant role in both conventional and unconventional oil exploration and production (E&P) operations. It is estimated that typical hydraulic fracking involving a conventional well requires 25,000 barrels of water while it is 250,000 barrels for an unconventional well. If thousands of such wells are considered, one can easily deduce that billions of gallons of water utilized for oil and gas production processes are lost for the future use. Because of such intensive water usage, oil and gas organizations can no longer consider water as an inexhaustible asset. Adding to this, the water that comes out of E&P operations is full of toxic chemicals, salt, radioactive compounds, and hydrocarbons, making wastewater disposal indispensable. Without effective water management, operators risk lowering or stalling the production, regulatory penalties, and a breach in stakeholder faith, and this is precisely what B3, an innovative data and analytics company focused on providing information to facilitate water management, helps address.
Founded by Porter Bennett and Kelly Bennett, energy market analytic leaders with more than 40 years of combined experience, B3 helps customers navigate the oilfield water landscape efficiently. The company’s oil and gas data and analytics do everything from improving produced water management to identifying new market opportunities thereby saving the organizations a significant amount of time, reducing costs per year, and arming them with an information advantage. B3’s SaaS platform allows customers to better manage salt water disposal, fresh water sourcing, fracking water use, surface ownership information, and more. As water is the primary input and output in the case of unconventional E&P operations, it amounts to a major operational cost. To this end, B3’s data and analytics reduce cost and manage water more efficiently with access to a holistic picture of water logistics, from sourcing to treatment and disposal. “We increase visibility into oilfield water management to make important decisions,” says Porter Bennett, Co-founder, and CEO, B3.
We increase visibility into oilfield water management to make important decisions
B3’s data suite provides a discrete series of data that includes disposal and enhanced recovery wells, digitized P-18 and historical H-10, pending and upcoming UIC (Underground Injection Control) permits, surface land ownership, FracFocus (Nationwide), seismicity, largest groundwater database in Texas and New Mexico groundwater rights. B3 also integrates drilling info data including permits, rigs, wells, completions, production and leases with B3 oilfield water intelligence into the platform for a unique and comprehensive analysis. B3 takes all this disparate data makes it usable through a proprietary collections process and offers it to the customers in a web-based geospatial platform. For instance, in the Permian Basin, the company provides data on the amount of wastewater produced by the producers at various locations across the basin, where does the water go for disposal, disposal entities, pressure, capacity, volume, the amount of groundwater extracted and much more. Since all the data is put together, if customers want to look at a particular area in the Permian Basin they can simply draw a polygon in the platform of B3’s solution and see what is inside that area and to get deeper insight. “With our data and analysis, companies are able to get a comprehensive look into water management, and intuitively get answers more quickly and accurately,” explains Bennett.
Citing one B3 success story, Bennett mentions a water midstream company, who was unable to understand the regulatory information with the disaggregated sources of water and land assets. This company was also having a hard time managing data across various systems and required in-house experts to aggregate data manually. But with the entry of B3, they were able to automate data collection, aggregation, and analysis promoting more informed decisions. This not only allowed the company to focus better utilize internal resources, and identify new market opportunities but also reduce the requirement of outside consultants. “We helped our customer save a significant amount of time, investment and resources while keeping their company on top of the evolving market,” remarks Bennett.
Built on the foundation of an experienced and innovative team, B3 is continuously solving some of the most complex water- and land-related information challenges and opportunities. “Maintaining reliable, quality data to empower people to make informed decisions is above everything else,” prides Bennett.