Paradigm Opts to 'Play Well with Others'

Paradigm, a geoscience software and services provider to the oil and gas industry for rock and fluid interpretation, said on Wednesday that it has signed a memorandum of understanding to invest in OpenSpirit Corp., an independent software company that focuses on upstream applications and data.

In a written statement, Paradigm said that it shares OpenSpirit's goal of pursuing vendor-neutral infinite data and application integration. Paradigm also will participate on OpenSpirit's board.

According to Paradigm, its involvement in OpenSprit contributes to the delivery of rapid geological, geophysical, and petrophysical (G&P) data model access among data repositories (Schlumberger GeoFrame and Finder, Landmark OpenWorks, and Paradigm Epos) and provides application interoperability.

"Oil and gas explorationists and producers need cooperation of the leading geoscience application and data system providers to achieve the goal of finding quality prospects to replace oil and gas reserves and increase daily production," said John W. Gibson, Jr., Paradigm's executive chairman and CEO. "Paradigm is making a very definite choice to 'play well with others' by sharing in the business vision and objectives of OpenSpirit."

"Paradigm's planned investment in OpenSpirit validates our standing as the market's only platform-independent, standards-based, and vendor-neutral integration solution for upstream data," remarked Dan Piette, president and CEO of OpenSpirit. "We are pleased to extend our application and data integration capabilities to Paradigm clients to help them reduce their E&P cycle time and lower risks by making sure they have the right data at the right time."