Chevron, Shell and Schlumberger to Form OpenSpirit Corporation; CEO Named.Business & Energy Editors/High-Tech Writers HOUSTON--(BUSINESS WIRE)--Oct. 9, 2000 New Company to Develop and Market the Next Generation of Middleware for E&P Applications and Data Integration Chevron, the Royal Dutch/Shell Group and Schlumberger today announced that they have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to create OpenSpirit Corp., a company that plans to offer a standardized software infrastructure for the energy industry. Each company is to own an equal share of OpenSpirit Corp. Development of the initial framework was funded by the OpenSpirit Alliance, a collaboration of leading exploration and production (E&P) companies and software vendors which focused on finding a better way to develop, deliver and utilize E&P applications. OpenSpirit Corp. will market, support and further develop this vendor-neutral and platform-independent application framework. The OpenSpirit software should be available for commercial release in fourth quarter 2000. The business demands of E&P companies in the networked world require levels of collaboration and information sharing See data conferencing. never previously achieved. The OpenSpirit software will provide the tools to build the advanced collaborative applications that are required by the E&P industry today. Neil Buckley will serve as chief executive officer of OpenSpirit Corp. Buckley has more than 12 years of software commercialization experience in the energy business. He is a former president of U.S. operations for Merak, a division of GeoQuest. "OpenSpirit represents a significant advancement in our industry's ability to share information and develop innovative collaborative solutions in a distributed environment," said Buckley. "Until now, there has not been a comparable framework capable of integrating data and applications from multiple sources in the E&P industry." The OpenSpirit Corp. will be based in Houston. Additional information on OpenSpirit is available at www.openspirit.com, or via e-mail at info@openspirit.com About Chevron Corp. Chevron, headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is a leading international energy company, operating in about 90 countries and employing about 31,000 people worldwide. More information about Chevron is at www.chevron.com. About Shell The Royal Dutch/Shell Group of Companies -- usually known as Shell -- has grown out of an alliance made in 1907 between Royal Dutch Petroleum Company in The Netherlands and The "Shell" Transport and Trading Company, p.l.c. in the UK (NYSE NYSE See: New York Stock Exchange :RD)(NYSE:SC). Today Shell has five core businesses: Exploration & Production, Oil Products, Chemicals, Downstream Gas & Power, and Renewables, and it is operating in more than 140 countries around the world. Find Shell on the Internet at www.shell.com About Schlumberger Schlumberger Oilfield Services Schlumberger Oilfield Services, a division of Schlumberger Limited, is the world’s largest supplier of exploration and production (E&P) services, solutions and technology to the international petroleum industry. , a business segment of Schlumberger Limited (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 leading supplier of services and technology to the international petroleum industry, with operating offices, service locations, and research and development facilities around the world. GeoQuest, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Schlumberger Oilfield Services, is the E&P industry leader for the supply of integrated software Separate software components or applications that have been combined into one package. See integrated software package. systems and data management solutions to assist petroleum companies in optimizing the value of their oil and gas reservoirs gas reservoir In geology, a naturally occurring storage area, characteristically a folded rock formation, that traps and holds natural gas. The reservoir rock must be permeable and porous to contain the gas, and it has to be capped by impervious rock in order to form an . Schlumberger is on the Internet at www.slb.com About the OpenSpirit Alliance The OpenSpirit Alliance began three years ago as a cooperative effort between oil companies and E&P software vendors that share a common goal of enabling multi-vendor application interoperability based on industry standards. Members have included Shell, Elf EP, Chevron, STATOIL, BG plc, CGG CGG Compagnie Generale de Geophysique CGG Cytosine-Guanine-Guanine CGG Canadian Grenadier Guards (Canadian reserve military unit) CGG Cancer Genetics Group (Birmingham, UK) , Shared Earth Technologies, Jason Geosystems, de Groot-Bril Earth Sciences, Petrotechnical Data Systems, GeoQuest and IFP (1) (Intelligent Forms Processing) Using advanced techniques to scan documents and determine their data content. See ICR. (2) (Integer Factorization Problem) The difficulty of finding prime numbers in an encryption key. . All existing OpenSpirit software and related development tools and documentation, previously developed and marketed by PrismTech, will be exclusively licensed to the OpenSpirit Corp. under an Intellectual Property Agreement. DISCLAIMER: This press release contains projections and other 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. within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These projections and statements reflect the current views of OpenSpirit and the other companies referred to herein with respect to the business and prospects of OpenSpirit and such companies. No assurances can be given, however, that these projections and forward-looking statements will be achieved, and actual results could differ materially from those projected. |
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