Caesar Systems' Petroleum Ventures & Risk (PetroVR) decision making software has been selected by the Minerals Management Service of the U.S. Department of the Interior for an indefinite delivery/indefinite quantity (ID/IQ) contract award to provide oil and gas resource economic evaluation software to be used in determining the adequacy of bids submitted for Outer Continental Shelf (OCS) offshore oil and gas leases. The award was issued in February 2010.
PetroVR will receive the torch from MONTCAR, an internal software solution that has been in use by the MMS for more than three decades. In a recent fiscal year, the MMS evaluated approximately 800 offshore tracts having $6 billion dollars in high bids using MONTCAR.
"Our role will be to empower the MMS with integrative decision capabilities for the economic evaluations of OCS offshore tracts, based on a diverse set of economic, engineering, geological, and other input parameters. The MMS will enjoy the benefits of a fully documented, supported and maintained software platform," said Victor Koosh, chief executive officer.
The consistency and flexibility of the PetroVR commercial software platform is expected to decrease "onboarding" time for new staff and contractors; enable quick adaptability to policy and environmental changes; and to more effectively deliver value to the many, diverse US MMS stakeholders.
Caesar Systems has supported numerous clients in bidding on exploration licenses in the U.S. and internationally. The Caesar Systems methodology streamlines this process and leads to greater predictability for clients, by representing the inherent dependencies and developing insights that can emerge only within simulation technology.
Most Popular Articles
From the Career Center
Jobs that may interest you