The deal will see PetroChina purchase multiple licenses of Roxar's flagship 3D reservoir modeling software, Irap RMS, allowing its geologists, geophysicists and reservoir engineers wide-ranging access to it. The software will be applied throughout PetroChina's operations and affiliates in the People's Republic of China and, in particular, in its onshore operations in regions such as Xinjang, Daqing and Liaohe, where improved oil recovery and optimizing production are key drivers in introducing Irap RMS.
To maximize the benefits of Irap RMS and to signify Roxar's commitment to a long-term presence in the People's Republic of China, the agreement will also include an extensive training program on the software for several hundred PetroChina staff.
Irap RMS comprises 10 fully integrated software modules including mapping, modeling, planning and workflow management tools designed to help geologists, reservoir engineers and geophysicists increase productivity from existing fields and to shorten the discovery-to-production lifecycle.
Key benefits to PetroChina, will include: Increased oil and gas recovery from existing fields as well as a shortening of the oil and gas discovery to production lifecycle; a lowering of the risk inherent in exploration with asset teams able to develop well planning and drilling strategies in locations that offer the best financial return; advanced 3D modeling techniques; total interoperability with all hardware platforms; and an easy-to-use, common user interface and visualization environment.
Said Roxar CEO, Sandy Esslemont:
"We are delighted to have signed this agreement with PetroChina which will consolidate Roxar's already substantial presence throughout Asia. With China's offshore oil and gas production continuing to grow, there has never been a more important time to achieve maximum reservoir performance.
"Through Irap RMS, PetroChina will have the business critical information they need to effectively manage their oil and gas reservoirs and optimize production not just today, but for many years to come. In addition, Roxar's extensive training program for PetroChina staff demonstrates the company's commitment to be a long-term player in the People's Republic of China."
PetroChina Company Limited (PetroChina) was established in November 1999 as part of the restructuring of China National Petroleum Corporation (CNPC) and is responsible for the exploration and production, refining and marketing, chemicals and natural gas businesses of CNPC. PetroChina also has international interests with a 45 per cent interest in an offshore Indonesian block known as Jabung.
Today, PetroChina is one of China's largest companies in terms of revenue and sales. PetroChina had a record financial performance for 2003 with net profits rising 48 per cent to 69 billion yuan (US$8.3 billion). Turnover rose a quarter to 304 billion yuan (US$36.7 billion). The company is quoted on the Hong Kong and New York Stock Exchanges.
Roxar has been training China's geologists on Irap RMS and has had an office providing local support in the Peoples Republic of China since 1999. A high level of investment is expected in the Chinese oil and gas sector over the next few years to increase oil production from existing fields and to develop new fields -- both onshore and offshore.
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