Schlumberger Acquires Key Technology from Quorum Business Solutions
Schlumberger Information Solutions has acquired the rights to Quorum Business Solutions' Quorum Volume Management (QVM) software. QVM is a comprehensive, field operations data management application with multiple proven heavy oil volume management installations in North America and a large scale brownfield installation in Asia.
"The Digital Oilfield can only be delivered through the integration of innovative technologies that span the entire oilfield life cycle," said Olivier Le Peuch, president, SIS. "The acquisition of the QVM technology supports our vision of the digital oilfield by expanding our portfolio beyond conventional industry offerings to include production operations, engineering, management and accounting."
Under the terms of the agreement, SIS acquires all rights to the QVM software solution as well as key development personnel. SIS will develop its next-generation production volumes management solution upon the QVM technology foundation and will partner with Quorum to integrate with accounting workflows.
"Quorum is focusing its efforts on delivering best-in-class back-office software solutions and will retain the portfolio of production and revenue accounting tools," said Paul Weidman, CEO of Quorum. "We are excited to partner with Schlumberger to offer for the first time in our industry the ability to streamline business processes all the way from field operations through production accounting."
"SIS is well on the path to delivering a comprehensive next-generation production solution to its customers and is investing in a number of technologies to accelerate these efforts. The QVM software is compatible with our next-generation technology framework and is open-standards based. The Quorum partnership will accelerate our strategic initiative to deliver a complete production offering that integrates with back office operations," said Le Peuch.
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