Roxar Opens Shop in Cairo to Service North Africa Market

Roxar on Wednesday announced the opening of an office in Cairo, Egypt. The new office comes in response to increasing demand throughout the region for Roxar's integrated reservoir and production management (iRPm) solutions.

From high-temperature reservoir monitoring to multiphase and wet gas metering, sand erosion sensors, corrosion detection, 3D modeling, simulation and uncertainty management, Roxar will ensure that Egyptian and North African operators are able to make future reservoir management decisions with the maximum amount of information.

The Cairo office, which will be home to five staff initially--a number likely to double over the next 18 months--will service Roxar's regional customer base and offer a broad range of highly practical, training programs and project consultancy services. Two service engineers will also be available to provide on the ground support at customer sites.

Roxar CEO, Gunnar Hviding, welcomed the announcement:

"Today's announcement is an important milestone for Roxar as we seek to increase our market share throughout Egypt and North Africa.

"With new oil discoveries in the Gulf of Suez and the Western Desert and gas discoveries in the deep waters of the Mediterranean, and onshore in the Nile Delta and Western Desert, Roxar intends to be at the center of the action, helping operators maximize performance and optimize production from their assets. We look forward to providing the very best in local support and service to our rapidly growing local customer base.

"And Cairo is the perfect base for further expansion with its highly qualified graduate workforce and excellent transportation links."

Roxar has a growing number of Egyptian customers for both its software and instrumentation solutions. Software customers include The Suez Oil Company (SUCO), The Rashid Petroleum Company (Rashpetco), The Gulf of Suez Petroleum Company (GUPCO) - a joint venture between BP and The Egyptian General Petroleum Company, BP Egypt, and Ganoub El Wadi Holding Petroleum Company (GANOPE).

Roxar's flow measurement solutions are also well established in Egypt. Customers include Rashpetco, which has installed Roxar's wet gas meters--both subsea and topside-- in the Rosetta gas field, offshore Egypt, and Burullus Gas Company, which has installed 15 Roxar subsea Wetgas meters in the neighboring Simian/Sienna and Sapphire fields.

Egyptian oil production comes from four main areas: the Gulf of Suez, the Western Desert, the Eastern Desert, and the Sinai Peninsula and the country is now the world's sixth-largest producer of natural gas.

At the end of 2005 remaining oil reserves in Egypt were estimated at 3.669 billion barrels (bbl) and natural gas reserves stood at over 66 trillion cubic feet (tcf). During 2005, 77 exploration wells resulted in 38 oil and five gas discoveries that added 196 million bbl of oil and 0.8 tcf of gas to Egypt's reserves base (Source: Oil & Gas Journal).

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.

With its head offices in Stavanger, Norway, Roxar employs over 800 staff and has 28 offices in 19 countries with a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East.

In July 2007, Roxar was acquired by Norwegian company, CorrOcean ASA for US$385 having previously been owned by Arcapita Bank B.S.C. (c). Based on 2006 revenues, the combined companies (which will continue to operate under the Roxar brand) have a turnover of US$180.24 million. Roxar generated revenues of approximately US$160 million in 2006.

Roxar's International customer base includes all of the multinationals, major independents and the majority of national oil companies.