Roxar Signs Major Software Contract with Hydro
Roxar said that it has signed a multi-million dollar global software contract for its industry leading reservoir modeling solution, IRAP RMS™ with Hydro, one of the world's largest offshore oil companies.
The three-year agreement (with options for an extension), comes after an extensive evaluation period and will allow Hydro's geologists, geophysicists, reservoir engineers and drilling engineers unlimited ™global access to IRAP RMS, a leading 3D software application for reservoir characterization in the exploration and production (E&P) industry.
Through the latest in advanced 3D modeling techniques, Hydro will have the potential to increase productivity from existing fields, shorten the discovery-to-production lifecycle and lower the risk and uncertainty in exploration, with asset teams able to develop integrated well planning and drilling strategies in locations offering the best financial return. IRAP RMS also operates on the Linux-64 and Windows-64 platforms, benefiting customers through increased data volumes, faster speeds and lower operating costs.
Roxar CEO, Sandy Esslemont, commented:
"What today's customers are looking for in their reservoir modeling capabilities are detailed, fast and low cost modeling from the desktop and an easy to use and integrated workflow environment. With IRAP RMS, we have achieved just that. We are delighted to be partnering with Hydro today - a company that has always been at the forefront of innovative ways to increase oil recovery. With IRAP RMS™, Hydro can look forward to a more complete analysis of its reservoirs, improved decision-making and maximum reservoir performance."
IRAP RMS is able to handle complex reservoirs and well geometries in a 3D environment, giving users unparalleled power and ease of use. Another advantage of IRAP RMS is that it offers the industry's leading geological modeling solution with the ability to capture the geologically realistic facies geometries that are correctly constrained to well and seismic data.
IRAP RMS also provides interpolation and object-based modeling techniques for collecting facies distribution data and petrophysical properties – key to increasing oil and gas recovery. With these methods, a more accurate forecast of future production can be made.
Roxar has recently introduced a reservoir uncertainty module within IRAP RMS which will allow for uncertainties to be quantified across the complete reservoir characterization and development workflow.
Roxar has been a long-term partner with Hydro, supplying the Roxar Permanent Downhole Monitoring Systems (PDMS) since 1994. Roxar is also installing the Roxar subsea Wetgas meter in the Ormen Lange field.
Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.
Roxar is a leading international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers through innovative products and services that help achieve maximum performance from oil and gas reservoirs.
With its head offices in Stavanger, Norway, Roxar employs over 600 staff across a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East. Founded in May 1999, the company generated revenues of approximately US$130 million in 2005. Roxar's International customer base includes all of the multinationals, major independents and the majority of national oil companies.
IRAP RMS comprises 14 fully integrated software modules including well correlation, mapping, modeling, well planning and workflow management tools. Key benefits of IRAP RMS include:
- Increased oil and gas recovery from existing fields as well as a shortening of the oil and gas discovery to production lifecycle.
- A lowering of the risk inherent in exploration by utilizing a unified integrated environment for prospect evaluation and uncertainty estimation.
- Advanced 3D modeling techniques, providing greater detail on structure, rock lithology, porosity and permeability, which in turn enable improved forecasts of future production.
- Through the ability to run on the Windows 64-bit Linux 64-bit and UNIX 64-bit platforms, faster Performance, larger data sets and lower costs with Windows 64-bit and LINUX 64-bit running on low cost PC hardware.
- The optimal placement of wells in the reservoir by using RMSwellplan in the planning phase and RMSgeosteering capabilities during the drilling phase.
- Cross disciplinary communication through the advanced visualization of dynamic, static and real time subsurface data.
- The use of subsurface and real time data in Integrated Operations.
- The implementation of proprietary methods by using the integrated script langue or IRAP RMS development kit.
- Integrated with IRAP RMS is also FracPerm, which allows for the fast and easy to use modeling of fractures and predicts fractures' effect on production.
- An easy-to-use, fully integrated environment all formed through a single integrated data model and visualization with improved efficiency and speed for geologists, engineers and geophysicists.
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