Landmark, a Halliburton (NYSE:HAL) business line and a leading provider of software for the upstream oil and gas industry, and Petroleum Experts (Petex), a leading provider of petroleum engineering software tools, have formed an alliance to develop and deliver an unrivalled suite of advanced production solutions for the digital oilfield.
Landmark will use Petex's Digital Oil Field (DOF) platform as the core of its production solutions, integrating these with Landmark's leading expertise in well drilling and integrity, field economics, geoscience and simulation technology to deliver a single seamless real-time field management system, all the way from the reservoir into the production process. This integrated system will have full auditing and tracking capabilities, simplifying and speeding up deployment and communication between the various disciplines in the industry.
In the alliance, Petex and Landmark will collaborate exploiting their expertise, knowledge and respective technologies to deliver to their customers and the industry a unique set of integrated and optimized production workflows. New opportunities for integration have been and will continue to be identified, leading to the design, implementation and delivery of new joint solutions built on the Petex IVM/IFM DOF platform and Landmark's DecisionSpace® product and platform suites. These joint solutions will enable operators to manage and improve full field planning while optimizing operational performance and costs.
Nagaraj Srinivasan, vice president of Landmark commented, "The industry faces the challenge of optimizing performance of mature fields while containing cost growth. This requires a novel approach to integrated reservoir and production lifecycle management driven by new science and engineering delivered on a modern and scalable software platform. The alliance with Petex will deliver on this promise and enable our customers to achieve higher oil recovery and cash flow from production.
"As part of the alliance, our customers will receive immediate benefit from the pre-integration of existing Landmark and Petex products. In addition, the alliance will leverage the industry-leading Petex products in the delivery of Landmark's premier Intelligent Operations Solutions (IOS). Landmark and Petex will engage with joint customers to develop a new class of production and reservoir workflows to meet existing and emerging industry challenges."
Petex CEO Hamid Guedroudj added, "The industry has moved in the direction of fully integrated field studies with the objective of improving field management - production and recovery - over the life of a field. Through this alliance, Petex and Landmark will help operators improve investment and operational decisions by integrating reservoir, production, process and facilities studies as well as economics and field maintenance models."