Acquisition enables the Living Model to support the Smart Fields of the future
OSLO, Norway - Schlumberger Information Solutions (SIS) today announced the launch of the Living Model workflow with the completion of the acquisition of the Petrel Workflow Tools. "By combining Petrel software with our leadership in seismic and simulation, we are delivering the ultimate seismic-to-simulation workflow, which we call the Living Model," said Ihab Toma, president of SIS. "The Living Model is a workflow for fast, dynamic and proactive reservoir management."
Ultimate Workflow
A typical workflow progresses from seismic to modeling to simulation. Today, applications in the seismic and simulation domains are rich in functionality with most workflows fully supported. The crucial modeling domain requires another level of integration and is not as mature. As a prospect evolves through exploration, appraisal, development and exploitation, it is critical to have the ability to integrate new data, rapidly update understanding of the subsurface and reduce uncertainty. These capabilities, which are key features of Petrel, become increasingly important as the industry moves toward the digital oilfield.
With Petrel at its heart, the Living Model gives users the ability to model rapidly, as well as perform risk and uncertainty evaluation. Users at all levels can build dependable models and instantly update decisions with the latest information throughout the life of the asset. The Living Model enables the Smart Field and delivers a complete asset performance solution.
Software Vision
"In addition to being the heart of our Living Model, Petrel is the core reservoir characterization technology for our next generation Windows software," said Toma. "Our vision is to deliver a fully integrated scaleable software platform based on a common shared earth model, and supporting real-time data feeds, which will be used through the entire exploration and production workflow."
According to Petrel founder Jan Grimnes, "The combination of Petrel Workflow Tools with SIS' software gives customers the ability to develop a 3D model of the reservoir with both static and dynamic capabilities. The synergies between our two organizations take modeling mainstream, and through the global Schlumberger organization and the extra resources now available, expand our ability to deliver innovative products and services to customers."
Petrel now has 125 employees in 14 locations, and will continue to operate under the ongoing leadership of Grimnes, who has been named Petrel portfolio manager. To support this strategic direction, SIS has assigned additional staff to maintain and enhance the strong position the Petrel Workflow Tools has today.
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About Schlumberger
Schlumberger Information Solutions (SIS), an operating unit of Schlumberger Oilfield Services, is the global industry leader for the supply of integrated business solutions comprising GeoQuest software, information management services, information technology and a complete range of expert services. SIS enables petroleum companies to drive their business performance and enter into the iEconomy. SIS is on the Internet at http://www.sis.slb.com.
Schlumberger Oilfield Services, the largest oilfield services company in the world, is the leading supplier of technology services and solutions to the international petroleum industry. With operations in more than 100 countries, Schlumberger Oilfield Services is one of two business segments of Schlumberger Limited, a global technology services company spanning the oil and gas, telecommunications, utilities, finance, transport and public sector markets. Schlumberger revenue was $14.3 billion in 2001. For more information visit http://www.slb.com.
For further information, contact:
Susan Ganz
Media Relations Manager
Schlumberger Oilfield Services
Tel: +1 281 285 8245
sganz1@slb.com
Christian Lenander
Marketing Manager
Petrel
Tel: + 47 98 230339
Christian.Lenander@petrelworkflow.com
© Press Release 2006
