Roxar Opens Vietnam Office

Roxar opened its new office in Ho Chi Minh City, Vietnam in response to its growing customer base throughout the region.

The opening ceremony was officiated by His Excellency Mr Arild Haugan, Norwegian Consul from the Royal Norwegian Consulate in HCMC; His Excellency Raja Ahmad Raja Daud; Malaysian Consul from the Malaysian Consulate General, HCMC; Roxar Managing Director for Software Solutions, Mark Bashforth and Oyvind Bjorkhaug, Regional Manager Roxar's Flow Measurement - Asia Pacific. Other attendees were Morten Tonnesen, Vice President Operations, Roxar Software Solutions - Asia Pacific; Soan Dang Do, Sales Manager for Roxar Software Solutions in Vietnam; Andy Soo Seng Ong, Project Manager (PDMS Roxar Flow Measurement); and high-level delegates from Cuu Long J.O.C. (Joint Operating Company), Hoan Vu J.O.C., Lam Son J.O.C., Korea National Oil Corporation (KNOC), Japan Vietnam Petroleum Company (JVPC), Petronas Carigali Vietnam Ltd, Trung Son J.O.C., Unocal Vietnam, VietSovPetro and other oil and gas companies.

The new office will initially be home to five Vietnamese staff and will provide sales and technical support in response to rapidly increasing demand for Roxar's Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions.

Roxar has a growing customer base throughout Vietnam. This includes oil and gas giants, BP and PETRONAS Carigali (Vietnam) Ltd., who have incorporated Roxar's industry leading reservoir modeling software, Irap RMS, into their Vietnamese operations. In addition, Roxar has supplied Permanent Downhole Monitoring Systems (PDMS) for PETRONAS Carigali's (Vietnam) Ruby A and new Ruby-B developments as well as Multiphase Flowmeters for Ruby B.

BP uses Roxar's Ultrasonic Flare Gas Meters and Pig Detection Systems and the Japan Vietnam Petroleum Company (JVPC) uses Roxar's Multiphase Flowmeters, WaterCut Meters (WCM) and Sand Monitoring Systems for the Rang Dong project in Vietnam.

Local Roxar customers who have adopted Irap RMS include PetroVietnam and VietSovPetro (VSP), a joint exploration and production venture run by PetroVietnam and Zarubezhneft and established in 1981 following an Intergovernmental Treaty between Vietnam and the former Soviet Union. VSP is currently in discussion with Roxar about incorporating fracture modeling into its mainstream 3D modeling and simulation activities.

Roxar CEO, Sandy Esslemont, welcomed today's announcement:
"With current proven oil reserves at 600 million barrels - a number expected to rise as exploration and production continues - Vietnam is home to one of the world's most exciting oil and gas markets. Today's announcement is another step in increasing Roxar's profile in the region and it further demonstrates our commitment to be the technology solutions partner of choice wherever we base ourselves."

He continues:
"Roxar plans to play a major role in the growth of the Vietnamese Exploration & Production (E&P) sector and to meet the demands of our rapidly growing Vietnamese customer base. The result will be the attainment of one overriding goal – maximized oil and gas reservoir performance throughout the region."

With a large proportion of Vietnam's proven oil and gas reserves found in naturally fractured reservoir rock, fracture modeling and reservoir simulation on fractured reservoirs will be a key focus of Roxar's activities in partnership with Vietnamese companies.

Other key Roxar products in the Vietnamese market include RMSflowsim, a fully integrated black oil simulator within the reservoir simulation solutions portfolio; Tempest, Roxar's robust, memory efficient reservoir simulation tool; and a series of production and process solutions, including the Permanent Downhole Monitoring System (PDMS), Roxar's WaterCut Meter (WCM) and Sand Monitoring System.

Roxar has also been working closely with leading academic institutions in the region, including the Vietnam Petroleum Institute, to which it has donated Irap RMS licenses.

With nearly 40 years of exploration and production, Vietnam's oil and gas industry has produced up to one billion barrels of crude oil and 300 billion cubic feet of natural gas making it the third-largest oil producer in Asia . Vietnam has 600 million barrels of proven oil reserves – a total likely to increase as exploration continues. Asia Pacific is the third most important region in the offshore oil and gas industry, behind the North Sea and the Gulf of Mexico.

Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.