Logical Data Essential To The Bakken

A real estate firm has found a way to serve the Bakken by offering detailed information on residential and commercial property data to oil and gas clients.
By Emily Aasand | August 15, 2014

CoreLogic provides data and analytics to the real estate industry. While the company has a long history in collecting, normalizing and providing residential and commercial property information to clients, it also provides valuable information to clients in the oil and gas sector.

Having one of the leading databases in property information has allowed CoreLogic to help clients in the oil and gas industry, specifically in the Bakken, plan the next route of a pipeline, explore the underground features of the earth or manage compliance processes.

The company combines granular property insight with geo-spatial tools to pinpoint where a current or future asset is in relation to a client’s asset. CoreLogic can also provide information on the assets themselves.

One way oil and gas clients use the information is to help maintain compliance requirements.

Maintaining those requirements is a challenge because of constantly changing ownership and land use around every parcel of property ranging from a wellhead to gas gathering transmission lines. Although right-of-way issues may get the attention for most clients, the CoreLogic service can also help a client identify where there are any critical changes in property information in relation to that company’s assets.

“CoreLogic is built upon the foundation of our property level insight and our geospatial tools and what value we can deliver to oil and gas clients,” says Jay Kingsley, senior vice president for CoreLogic Spatial Solutions. “We have a core competence in collecting, maintaining and delivering property information across the United States, which our oil and gas clients need, whether it’s for understanding ownership information, exploration or laying transmission lines.”

Companies in the Bakken taking advantage of CoreLogic’s ParcelPoint database range from exploration and production companies to midstream pipeline providers, Kingsley says. ParcelPoint allows oil and gas managers to quickly determine parcel boundaries and access ownership information to shorten cycle time-to-market, enhance business processes, improve decision making and streamline asset management.

“Oftentimes we provide more information to the transmission and midstream providers to help them maintain compliance, but in new areas where there’s more exploration happening, they use our service as well. It really depends on the area and where more maturity in the oil field is happening,” said Kingsley.

According to the company, ParcelPoint enables users to access the highest level of positional accuracy for developing location-based solutions and to better manage assets.

The database CoreLogic provides is so granular that it can provide customers with everything from the first and last name of the owners of a residence or occupied building, to the number of air conditioning units a property has. Clients also have access to parcel boundaries, parcel latitude and longitude coordinates, tax ID numbers, property addresses and parcel ownership data.

Although such data may be available through other means, CoreLogic believes it has found an edge by focusing on two important aspects in its data collection: the accuracy and currency of the data, and the speed in which they can deliver the data.

“It’s part of our business model that we’re collecting data every day, so as soon as clients need it, we can deliver it to them immediately versus a client having to embark upon a new project to go and collect that data,” says Kingsley. “As soon as they have a new area they’re looking to explore, they can check with us to see if we’ve already done the heavy lifting to acquire that data and to continually get updates because that’s part of our process.”

For clients interested, CoreLogic has a database that can be licensed. Once licensed, they provide a database for the client to install in their GIF system where they are able to manage and receive updates to the database.

“We’re working on a set of API so on a transactional basis if a client wants to provide either an area of interest or specific addresses that we would return information on, we can do that as well,” says Kingsley. “Today, the primary use with our client is sending a database that they can render into their GIF systems.”

There’s a fee associated with licensing an area of interest depending on the number of parcels that lie within a particular area of interest and oil industry clients are taking advantage of the service.

“In the oil and gas industry, we’re developing deeper and better relationships with our clients,” says Kingsley. “It’s definitely an area of interest and an area of growth for us.”

Printed in The Bakken magazine - August 2014