SLB and Quorum Software introduced a joint digital planning solution to automatically evaluate project economics and halve the time needed for field development planning, according to a June 29 press release.
SLB and Quorum said the new field development planning solution, which leverages Quorum’s Planning Space business planning and petroleum economics offering within the FDPlan agile field development planning solution from SLB, is now commercially available. In June 2022, the companies announced an agreement to integrate their solutions within the cloud-based Delfi digital platform.
“With subsurface and petroleum economics connected, customers can quickly assess their global asset portfolio to prioritize their development projects, lowering costs, maximizing returns and significantly reducing time to value through streamlined field development planning processes,” said SLB’s Trygve Randen, senior vice president of digital products and solutions.
The solution brings petroleum economics data into the earliest stage of asset evaluation and incorporates corporate standard fiscal regimes, prices and currencies, the companies said. The solution unites subsurface data, domain workflows and corporate decision-making to increase collaboration between development geoscientists, engineers and petroleum economics teams for faster and better-informed decisions.
Tyson Greer, chief products officer at Quorum, said the integrated solution will enhance performance and profitability for energy companies “with seamless connectivity between petrotechnical data and business planning.”
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
Jerry Jones Invests Another $100MM in Comstock Resources
2024-03-20 - Dallas Cowboys owner and Comstock Resources majority shareholder Jerry Jones is investing another $100 million in the company.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.