Linking engineering information leads to improved capital planning and portfolio optimization
HOUSTON - Schlumberger Information Solutions (SIS), through its software division GeoQuest, today announced that FloMatic asset development and production planning software from PetroSoft, C.A. is now part of the SIS production planning chain. FloMatic is a production-planning tool that provides a common economic evaluation platform for analyzing and prioritizing field development projects, enabling planning engineers to quickly evaluate and rank the economic benefits of different development strategies. By linking engineering information in a reliable, consistent format with all other relevant asset information, economic evaluation models are more precise and can be run more rapidly, leading to improved capital planning and portfolio optimization.
"FloMatic has proven to be a valuable planning tool for hundreds of users. It is the final link in the SIS production planning chain and completes the workflow from field development tools that define production forecasts to economic evaluation models," said Jaime Barriga, drilling and production portfolio manager, SIS. "FloMatic will enhance the Merak Value & Risk software suite by providing asset information required for comprehensive economic evaluations that lead to better long-term planning and more effective utilization of resources."
FloMatic helps the planning engineer calculate, for each year of the plan, the estimated oil and gas production profile, the physical characteristics of the products to be sold and the cash flows resulting from different economic scenarios. One of the key benefits of FloMatic's common economic evaluation platform is that it provides standardization among workflows within an organization, which gives an apples-to-apples comparison for project ranking and selection, resulting in more effective portfolio management.
"Integration of FloMatic into the well-established SIS production suite will be an enormous benefit to existing and future users of the tool," according to Robert Barletta former president of PetroSoft now FloMatic project manager with SIS. "Being part of SIS, with its dedication to research and technology, and an award-winning worldwide support infrastructure, will undoubtedly make FloMatic the standard tool for asset development and production planning."
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About the organizations
PetroSoft, C.A. was founded in 1991 in Venezuela and is mainly engaged in the development, sale and support of specialized oil and gas production software.
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:
Carolyn Turner
Corporate Communications Manager
Schlumberger Information Solutions
Tel: 713 513 2353
Cell: 713 204 6537
cturner@indigopool.com
© Press Release 2006
