Apache Corporation Selects Schlumberger Petrel Workflow Tools, Forms Technology Alliance to Further Develop Streamlined Workflows.LONDON -- Schlumberger announced today that Apache Corporation has selected Petrel petrel (pĕ`trəl), common name given various oceanic birds belonging, like the albatross and the shearwater, to the order known commonly as tube-nosed swimmers. (a) software as its primary reservoir modeling workflow tool. This will enable Apache asset teams to integrate multiple technical disciplines from seismic to simulation in an intuitive and collaborative environment. Schlumberger and Apache have also signed a Technology Alliance Agreement to work together on emerging technologies and the streamlining of workflows. Petrel Windows(R)-based workflow tools will interface directly with Apache's existing OpenWorks(R) corporate data stores via OpenSpirit(R), avoiding the need for any migration of data. Apache will replace its various legacy interpretation packages with Petrel tools, enabling complete seismic-to-simulation workflows within a single application. "In both new assets and older fields, leveraging technology is a key element to profitability and adding value for our shareholders," said Steve Farris, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Apache. "New insights and efficiencies from technologies within the Petrel suite of workflow tools provide significant potential benefits to companies like ours." Under the terms of the Technology Alliance Agreement, Schlumberger will provide Apache with early access to additional Schlumberger technology, while Apache will give invaluable operator feedback to enable improvement in exploration and production (E&P) workflows. "The intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. of technology can best be realized when it is applied to the real problems faced by oil and gas companies," said Andrew Gould, chairman and CEO, Schlumberger. "Having a fast-moving independent operator like Apache involved in workflow development will help ensure that these products are targeted firmly on customer needs." About the Organizations Apache Corporation (NYSE NYSE See: New York Stock Exchange :APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture )(Nasdaq:APA) is a large oil and gas independent with core operations in the United States, Canada, Australia, the United Kingdom North Sea and Egypt. Schlumberger (NYSE:SLB SLB Solomon Islands (ISO Country code) SLB Schlumberger Ltd. (oil field services firm) SLB Server Load Balancing SLB Sport Lisboa e Benfica (soccer) ) is the world's leading oilfield services company supplying technology, project management and information solutions that optimize performance for customers working in the oil and gas industry. The company employs more than 52,000 people of over 140 nationalities working in 100 countries. Schlumberger supplies a wide range of products and services from formation evaluation through directional drilling, well cementing and stimulation, well completions and productivity to consulting, software, information management and IT infrastructure services that support core industry operational processes. In 2004, Schlumberger operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. was $11.48 billion. For more information, visit slb.com. (a) Mark of Schlumberger Windows is a registered trademark of Microsoft Corporation OpenWorks is a registered trademark of Landmark Graphics Corporation Landmark Graphics Corporation was created in Houston in 1982 by John Mouton, Andy Hildebrand, H. Roice Nelson, and Bob Limbaugh, to develop the first system for interpreting 3D data from seismic surveys for the oil and gas industry. OpenSpirit is a registered trademark of the OpenSpirit Corporation |
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