Schlumberger acquires Petrel (October 2002)

Schlumberger acquires Petrel (October 2002)

Schlumberger Information Solutions has acquired Petrel from Technoguide. Petrel Workflow Tools will now be a key component of SIS’ new ‘Living Model’, promising reservoir characterization from seismics to simulation. But wasn’t that what GeoFrame did?

We gave Petrel ‘star of the show’ status at last year’s SPE ACTE and it appears that Schlumberger’s acquisitions department agreed! Schlumberger Information Solutions (SIS) has just announced that it is in the process of acquiring Technoguide’s software business—which comprises what is now known as Petrel Workflow Tools.

Grimnes

Jan Grimnes, Technoguide president and CEO said of the deal, “Through this combined offering, a much wider range of our clients’ personnel can build a model in a day and make updates in minutes. This takes reservoir modeling mainstream. Our clients can also rely on the support and consulting capability of the global SIS organization.”

Toma

SIS president Ihab Toma added “By complementing the SIS leadership position in seismic and simulation with the modeling and workflow management strengths brought by Technoguide, we will provide our clients with the ability to have rapidly updateable and dependable models on which to base their business decisions—the cornerstone of real-time reservoir management.”

Living Model

Toma continues, “Being able to continuously update the model brings the reservoir to life for fast, dynamic and complete reservoir management. We call this the ‘Living Model.’ Users of the Living Model have the unique capability to span the breadth of reservoir characterization—from seismic to simulation—and dive into the details when it counts. The ability to model rapidly, as well as perform risk and uncertainty evaluation, allows users at all levels to build dependable models and instantly update decisions with the latest information throughout the life of the asset.”

Competition?

Before the deal, Oil IT Journal learned of Petrel’s intent to continue its move into the interpretation suite space—with enhanced seismic and geological interpretation capabilities. Petrel was shaping up as a head-on competitor for SIS’ GeoFrame-based product line.

Comment

Not long ago oil companies were bent on ‘software rationalization’ for cost savings and efficiencies. Now, SIS has at least three tools for seismic interpretation alone—making for a seeming embarrassment of software riches for its clients!

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