Rex Leans on In-House Technologies to Realize E&P Ambitions
Rex International Holdings, a Singapore-based independent oil exploration and production (E&P) company, is leaning on in-house technologies to grow its upstream asset portfolio, including “giant” oil fields around the world.
The firm’s technologies – including key component Rex Virtual Drilling (RVD), an algorithmic software which analyzes existing seismic datasets to identify the location of liquid hydrocarbons in the ground during the exploration stage – has been employed since 2008.
RVD has been used to scan hundreds of opportunities and contributed to an oil discovery in Block 50, offshore Oman in February 2014 and at the South Erin Block in Trinidad & Tobago, where drilling commenced in May 2014.
“Today, we have already scanned more than hundreds [of] opportunities and we have a plan to scan up to 200 different opportunities [in 2015]. This year, we launched a new version of the technology,” Hans Lidgren, Rex’s founder and CEO of Rex Technology Management told a 14 media briefing in Singapore April 14.
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