Palantir Upgrades Software Solutions for O&G Industry
Existing Palantir Solutions' customers, including Talisman, Dana Petroleum and E.ON RuhrGas, are the first to benefit from newly upgraded software which can make instant and accurate calculations using 4000 times more data than was previously possible. The system is configured to run in full 64 bit mode which not only enhances the speed of calculations but also means that it can run calculations up to eight terabytes (1 terabyte = 1000 gigabytes).
Other comparable systems operate at only 32 bit mode, which can only run calculations up to two gigabytes, which restricts the size of individual calculations energy companies can process and therefore requires aggregation of multiple calculations.
Oil & gas companies using Palantir Solutions' economic tools now have the ability to assess the value and relative performance of their assets down to country, region, field and well level. The value of this facility to energy companies is in the speed and accuracy with which they can make reasoned decisions. Entire business plans need re-modelling with each anticipated change in oil prices and the impact on the comparative merit of each well can be calculated with a single calculation for each scenario.
Bryan Dyck, Palantir Solutions commented, "Put simply, we are upgrading the brain power of energy companies' asset valuation software from university professor to Einstein proportions. Companies and shareholders alike benefit from 'good' decisions as they impact on the bottom line. The current volatility of prices means that this ability has never been more needed by energy companies and their advisors."