The agreement will see Repsol YPF purchase licenses of Roxar's flagship 3D reservoir modeling software, Irap RMS, allowing its geologists, geophysicists, and reservoir engineers, from around the world, wide-ranging access to it.
The Irap RMS software suite will help Repsol YPF produce maximum performance from its oil and gas reservoirs in Europe, South America and North Africa. Key benefits will include: Increased oil and gas recovery from existing fields as well as a shortening of the discovery-to-production lifecycle; a lowering of the risk in exploration with asset teams able to develop well planning and drilling strategies in locations offering the best financial return; advanced 3D modeling techniques; interoperability; and an easy-to-use interface and visualization environment.
Repsol is the 99 per cent owner of YPF, Argentina's leading oil company, and also has significant Exploration & Production (E&P) operations in Bolivia, Brazil, Ecuador and Venezuela. The deal will see Roxar software being used throughout Repsol YPF's South American operations, further consolidating Roxar's position in the region. Roxar has recently been awarded two significant million-dollar software licensing and maintenance agreements with leading oil companies in both Venezuela and Mexico.
Said Roxar CEO, Sandy Esslemont:
"Through our inherent understanding of oil and gas reservoir flow dynamics and the leading reservoir management and production optimization solutions on the market today, Roxar is helping companies, such as Repsol YPF and our customers in Venezuela and Mexico, do just that – getting the most from their assets and increasing their profitability."
A fully integrated oil and gas company headquartered in Madrid, Repsol YPF has proven reserves of 4.92 billion barrels of oil equivalent , mostly in the Middle East, North Africa and South America, where it has particularly targeted its international expansion.
Repsol YPF owns 99 per cent of YPF, Argentina's leading oil company, where in 2003, it accounted for 39 per cent of Argentina's oil production. The company has operations in 27 other countries - most notably Spain, Libya, Venezuela, Bolivia, Brazil, Ecuador and the United States. During 2004, operating income on exploration and production rose by 12 per cent and production by 3 per cent.
Roxar's flagship reservoir modeling product, Irap RMS, comprises 14 fully integrated software modules including mapping, modeling, planning and workflow management tools. Recent Irap RMS customers include Statoil, PetroChina, PETRONAS Carigali and LUKOIL, who all purchased the software suite either during 2004 or early 2005.
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