AspenTech Enables the Oil & Gas Industry to Increase Return on Capital Employed with Advanced Modeling Capabilities.Business Editors/High-Tech Writers CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 3, 2003 New version of HYSYS(R) modeling software enables companies to achieve increased benefits by optimizing their upstream asset including wells, flowlines and facilities Aspen Technology Aspen Technology (NASDAQ: AZPN) provides software and professional services to the manufacturing and process industries which allows companies to model, manage, and control their operations. AspenTech was founded in 1981 by MIT professor Dr. , Inc. (Nasdaq: AZPN) today announced a significant expansion of its solution for the Oil & Gas industry with the launch of the latest version of its HYSYS modeling software, which incorporates new functionality and features for the upstream market. HYSYS 3.2, part of the Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. Engineering Suite(TM) (AES(TM)), includes a new Oil & Gas Upstream product option that will enable companies to simulate simulate - simulation and optimize their upstream asset including wells, flowlines and facilities. This capability is achieved by integration with industry-standard third-party applications, creating integrated workflows that allow companies to achieve global production optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , resulting in significant improvements in return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). (ROCE ROCE See: Return on capital employed ). The Oil & Gas Upstream Option for HYSYS provides companies with the ability to create accurate, integrated, asset models, improving decision-making and performance throughout the asset lifecycle. Production increases can be achieved from gas lift optimization, production optimization and accurate model-based asset planning, while "what if" studies can help producers to identify the best return on capital employed in asset development. The use of a single, consistent, model, from reservoir through process facilities, will generate additional benefits through improved engineering efficiency and workflow integration. "The ability to model an upstream asset in an integrated way is a major step forward for Oil & Gas companies," said Manolis Kotzabasakis, Sr. Vice President of Engineering at AspenTech. "By working closely with global leaders in upstream technology, we have been able to create a comprehensive solution that combines the best-in-class HYSYS modeling environment with other leading methodologies specific to the Oil & Gas industry." The HYSYS Oil & Gas Upstream Option uses industry-proven methodologies to enable companies to predict the behavior of the production fluid and then integrate the reservoir characterization with the process facility. This is key to the accurate simulation of upstream systems, since an accurate compositional analysis in the reservoir or at the wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. is rare. The HYSYS Oil & Gas Upstream Option incorporates the two main industry methodologies used by petroleum and production engineers to address this issue and understand the behavior of the reservoir fluids - Black Oil and PVT Analysis. These methodologies are provided by industry-leading technology companies in this area and directly integrated into the HYSYS Oil & Gas Upstream Option. In addition, asset-wide modeling capability is made possible by providing runtime interfaces to specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. well and flowline modeling tools. This capability enables HYSYS 3.2 to be integrated with Schlumberger's industry-leading engineering tool, PIPESIM-NET. The hydraulic integration provides the ability to interface the process facilities to the single branch or networked well and surface flowline models. This integrated modeling approach now allows the joint examination of reservoir, well and facility performance. AspenTech's upstream solution also contains a standard hydraulic data model for the inclusion of any third party well and flowline model into the process facility simulation. HYSYS 3.2 will be available for commercial release in November 2003. Additional Oil & Gas Upstream technology, using HYSYS as a modeling engine, will be delivered in early 2004 with the release of Aspen AssetBuilder(TM), featuring new capabilities to support the visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all , modeling, optimization, planning, data handling and real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. connectivity of the complete upstream asset. The Aspen Engineering Suite is an essential element of AspenTech's solutions for enterprise operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. (EOM (End Of Message) A character that signals the end of the current message. ) in the process industries. These integrated, enterprise-wide solutions combine engineering and manufacturing/supply chain technologies to help companies optimize the way they engineer and run their manufacturing and supply chain operations. About AspenTech Aspen Technology, Inc. provides industry-leading software and implementation services that enable process companies to increase efficiency and profitability. AspenTech's engineering product line is used to design and improve plants and processes, maximizing returns throughout an asset's operating life. Its manufacturing/supply chain product line allows companies to increase margins in their plants and supply chains, by managing customer demand, optimizing production, and streamlining the delivery of finished products. These two offerings are combined to create solutions for enterprise operations management (EOM), integrated enterprise-wide systems that provide process manufacturers with the capability to dramatically improve their operating performance. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida , BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, Foster Wheeler, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com. Certain paragraphs of this press release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in cyclical industries Cyclical Industry A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment. ; adverse global economic conditions; AspenTech's ability to raise additional capital as required; the FTC's investigation of the Hyprotech acquisition; the outcome of AspenTech's restructuring plans; intense competition; AspenTech's need to develop and market products successfully; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release. AspenTech, Aspen Engineering Suite, HYSYS, Aspen AssetBuilder and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass. |
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