Emerson Automation Solutions yesterday announced a business collaboration with IPRES (Integrated Petroleum Resource and Economic Service), an international company based in Norway that provides advanced software tools and services to the upstream oil & gas industry.
Under the terms of the agreement, Emerson will sell IPRES’s flagship solutions IPRISK® and IPRESOURCE® to its existing and prospective customer base. Both solutions are highly complementary to Emerson’s Roxar reservoir management software portfolio and will provide operators with sophisticated tools for economic risk analysis, predictive project modeling, and reserves and resource reporting. IPRISK and IPRESOURCE can also be combined with the Roxar Big Loop™ solution, an automated workflow that integrates static and dynamic reservoir modeling, to provide a comprehensive economic management solution.
“With the need to secure strong returns from assets and the current focus on the bottom line, it’s become more important than ever for operators to identify the right ways of spending their money and understand the impact of their upstream investment decisions on cash flow, reserves and future production,” said Kjetil Fagervik, vice president of product development and marketing of Roxar Software Solutions, Emerson Automation Solutions. “That’s why the collaboration with IPRES is the perfect fit, combining our industry leading reservoir management software with sophisticated financial analytics that will enable operators to enhance recovery, improve their production forecasting and unlock the true value of their assets.”
Both IPRISK and IPRESOURCE are easy to set up and configure, can be customized according to existing reservoir management databases, and can work seamlessly alongside Emerson’s reservoir modeling software, Roxar RMS™; reservoir simulation software, Roxar Tempest™; and production management system, Roxar METTE™.
IPRISK is a stochastic tool and risk-based valuation system – available for both the field and the well – that evaluates all risks, scenarios, uncertainties and economics at every stage of the field development lifecycle. IPRISK provides for flexible well or field development planning, fast economic analysis, and a consistent approach to uncertainty and risk management. Document planning and design workflows also come with cash flow projections.
IPRESOURCE is a corporate asset management tool for managing reserves, resources, reporting and production forecasting for financial and government bodies. IPRESOURCE uses a relational database for data storage and data management, with a central repository for reports and improved corporate production forecasting. This enables users to store and retrieve current and historical data on production, reserves, contingent and prospective resources as well as track the maturation of resources to reserves on all upstream investment projects. The result is increased project, portfolio and shareholder value for operators.
The Roxar seismic to simulation solution helps operators make informed decisions across the prospect lifecycle on where to drill, what production strategies to adopt, and how to maximize oil & gas recovery from their assets.