Roxar Announces Multi-Million Dollar Software Deal With TNK-BP
STAVANGER, NORWAY, 02/25/2005 -- Roxar, a leading technology solutions provider to the upstream oil and gas industry, today announced a major software agreement with Russia’s third largest oil company, TNK-BP. The deal consolidates Roxar’s position as one of the leading software solutions providers to the Russian and CIS oil and gas industry with more than 650 installations.
The agreement will see TNK-BP purchase over 100 licenses of Roxar’s flagship 3D reservoir modeling software, Irap RMS and its reservoir simulation software, Tempest. The licenses will provide TNK-BP’s research & development (R&D) engineering departments with wide-ranging access to the leading reservoir management and production optimization solutions on the market today.
TNK-BP, which employs more than 100,000 people and, in 2004, produced average crude oil production of 1.44 million barrels per day (bpd), will use the software in its main R&D centers including the Tyumen Research and Technology Center, the Izhevsk Research and Technology Center, TNK Nyagan, TNK Nizhnevartovsk, Samotlorneftegaz and Varyoganneftegaz.
As of January 1, 2004, TNK-BP’s proven reserves were 4.3 billion barrels of oil(1) and in 2004 the company increased crude oil production by 13%. The company estimates annual capital investments of approximately US$1.5 billion between now and 2007.
Dimitry Bolotnik, head of Roxar’s Moscow office, said: “We are delighted to be making this announcement with TNK-BP today. Since we started working together with TNK-BP in 1997 (then the Tyumen Oil Company and SIDANCO), we have continued to broaden and improve our portfolio to deliver truly innovative solutions that serve the changing needs of the oil and gas industry. That we are signing another contract with TNK-BP today -- eight years on -- is testament to this and our continued investment in our people and technologies. We look forward to helping TNK-BP achieve the best possible performance from their reservoir assets for many years to come.”
His words were backed up by Roxar CEO, Sandy Esslemont: “For today’s Russian oil and gas multinational, success comes down to performance, production and profits. Correspondingly, Roxar’s strength lies in its solutions, which enable everybody involved in the discovery-to-production lifecycle to share critical information, work together more effectively and maximize reservoir performance. The result is a winning combination as TNK-BP achieves maximum reservoir performance and greater profitability and Roxar continues to grow its business throughout Russia and the CIS.”
Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.
Roxar’s reservoir modeling solutions include 3D lithologic, facies and petrophysical modeling, risk analysis and well design and help geologists, geophysicists and other decision-making executives tackle issues relating to the overall management of the reservoir. Roxar’s flagship reservoir modeling product, Irap RMS, comprises 10 fully integrated software modules including mapping, modeling, planning and workflow management tools.
Roxar’s reservoir simulation solutions enable reservoir engineers to make informed decisions relating to the structure, type and economic potential of oil and gas fields to ensure production is maximized. Products include Tempest, a robust, fast, memory efficient reservoir simulation tool, able to provide powerful 2D and 3D visualization capabilities.
Additional Roxar customers in Russia and the CIS include LUKOIL, one of the world’s top five publicly traded oil companies in terms of proven oil reserves, who signed a multi-million dollar software contract with Roxar in November 2004, Bashneft, Sibneft, Tatneft, Rosneft and Zarubejneft.
Roxar also partners with some of Russia’s leading petroleum geology institutes, including the I.M. Gubkin State University for Oil and Gas, Moscow State University and Tyumen State University. Roxar has offices in Moscow, Kazakhstan and Tyumen.
Note to Editors
Roxar is a leading international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers through innovative products and services that help achieve maximum performance from oil and gas reservoirs.
With its head offices in Stavanger, Norway, Roxar employs close to 450 staff across a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East. Founded in May 1999, the company generated revenues of US$85 million in 2003. Roxar’s International customer base includes all of the multinationals, major independents and the majority of national oil companies.
TNK-BP is a major Russian vertically integrated oil company, established in September 2003 as a result of the merger of Russian companies TNK (Tyumen Oil Co.) and SIDANCO with the majority of BP’s Russian oil assets.
The company is 50% owned by BP and 50% by a group of prominent Russian investors: Alfa Group, Access Industries and Renova (AAR). The shareholders of TNK-BP also control 50% of Slavneft. This interest will eventually be integrated into TNK-BP. TNK-BP is headquartered in Moscow and is governed by a multinational management team, which consists of Russian and international executives who have worked in more than 50 countries worldwide. The team combines the best of Russian and international talent and experience and includes executives from BP, TNK, Sidanco and other international companies.
(1) According to an independent reserve audit conducted by DeGolyer and MacNaughton and on the basis of US SEC standards.
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