Roxar, Sonar Form JV in Nigeria

Roxar AS, a leading technology solutions provider to the upstream oil and gas industry, said that it has signed a joint venture with Sonar Limited of Nigeria to meet the increasing demand in Nigeria and West Africa for Roxar's reservoir management and optimization solutions. The joint venture will be called Roxar-Sonar.

Under the terms of the joint venture, a service center has been set up in Lagos, Nigeria to provide sales and local customer support across Nigeria and West Africa and serve as a training center for Roxar's entire software portfolio. The Lagos office will also act as base for Roxar's consultancy services, helping companies use technology for maximum benefit in order to achieve greater economic value and maximum reservoir performance.

Sonar Limited is a full service company providing a wide range of services to the oil and gas industry, ranging from seismic data processing, and reservoir modeling through to business development activities.

Roxar's reservoir modeling and simulation solutions help geologists, geophysicists and other decision-making executives make better use of their data and tackle the key issues relating to the overall management of the reservoir – to reduce the field development planning cycle, manage risk more effectively and maximize reservoir performance.

Roxar's products, which will have increased access and support in the Nigerian and West African markets, include Roxar's reservoir modeling software IRAP RMS, which now allows for uncertainties to be quantified across the complete reservoir characterization and development workflow; and its robust reservoir simulation tool, Tempest, which comes with parallel processing capabilities. Roxar recently acquired Energy Scitech Limited, a UK software development company and its product, EnABLE, the leading history matching and uncertainty estimation software product on the market today.

Said Roxar CEO, Sandy Esslemont:

"With proven oil reserves totalling 35.2 billion barrels and natural gas reserves of 176 trillion cubic feet (Tcf), Nigeria is a key area of strategic importance for future oil and gas exploration and production. We are delighted to be announcing this joint venture with SONAR today, building up local knowledge and ensuring that our existing Nigerian and West African customers get the most out of their reservoir management. The joint venture will also ensure that we are ideally placed to expand our local customer base further.

"Through our venture with Sonar, E&P companies can look forward to the very best in reservoir management solutions, local training, consultancy and support."

Esselmont's words were backed up by Sona-Ari Jack, Managing Director of Sonar Limited:

"Today's joint venture is a significant milestone for Sonar. By building strategic alliances with global companies such as Roxar, Sonar can utilize its local knowledge and Roxar's extensive reservoir management portfolio to bring an unrivalled combination to West African and Nigerian oil and gas companies. The result will be a maximizing of returns from reservoir assets for new and existing companies throughout the region."

Roxar has a strong foothold in Nigeria and West Africa with its software solutions, IRAP RMS and Tempest and its consultancy services adopted by a number of major operators, independents and consultancy companies. Roxar has also supplied multiphase flow meters to the deepwater Akpo field offshore Nigeria and offshore Angola.

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.