ChevronTexaco and Schlumberger Team Up to Improve Oil and Gas Production Technology.Business/Energy Editors & High-Tech Writers HOUSTON--(BUSINESS WIRE)--Sept. 23, 2002 New joint technology development project will combine advanced production technologies with 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. ChevronTexaco Corp. and Schlumberger announced today they have launched a multi-year joint technology development project to increase efficiencies in oil and natural gas production. The development of this next-generation reservoir management solution will enhance the use of real-time oilfield sensor data from wells and facilities to improve real-time oilfield management. "Our objective is to bring recent advances in information technology and production system modeling together in a valuable solution," said Mark Puckett, president, ChevronTexaco Exploration and Production Technology Company. "This project will enable simultaneous access to crucial field information from real-time sensors enabling collaboration between field and office personnel for faster and better decisions regarding how to improve reservoir performance. " Production teams typically monitor hundreds of wells and surface facilities sensors each day, resulting in overwhelming volumes of data. This project will provide the industry with automated tools and services to screen pertinent data, flag under-performing wells, diagnose production problems and recommend corrective actions A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or to optimize field production. "We aim to jointly develop technology that advances the industry's ability to assimilate large amounts of streaming production data, to improve oil and gas production rates and ultimately to improve recovery," said Satish Pai, vice president, Schlumberger Oilfield Technologies. "The combination of ChevronTexaco's experience in modeling and managing petroleum production systems around the world and Schlumberger's expertise in oilfield service technologies and systems integration will enable both parties to maintain our leading positions in production optimization technologies." The project team will concentrate on systems integration issues related to real-time software, hardware, workflow processes and network infrastructure. Both companies expect to employ intermediate technologies in their respective businesses. 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. and SchlumbergerSema, the Schlumberger business segment that provides IT systems integration solutions to the industry, will participate in the project and commercialize any technology developed by the collaboration effort. Schlumberger Information Solutions Schlumberger Information Solutions (SIS) functions as an operating unit of the global oil services giant Schlumberger Limited. SIS products consist of software developed by Schlumberger itself, as well as products acquired from GeoQuest (GeoFrame), Iron Mountain (eSearch), Merak , the Schlumberger 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 that provides software, information management and data and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , will support and deliver services resulting from the joint technology development project. About the Organizations Based 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 , ChevronTexaco Corporation is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products. Schlumberger Oilfield Services, the largest oilfield services company in the world, is the leading supplier of technology services and solutions to the international petroleum industry. With operations in more than 100 countries, Schlumberger Oilfield Services is one of two business segments of Schlumberger Limited, a global technology services company spanning the oil and gas, telecommunications, utilities, finance, transport and public sector markets. Schlumberger revenue was $13.7 billion in 2001. For more information visit http://www.slb.com. Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "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. Some of the items discussed in this press release are 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. about the future development potential of oil and gas production technology. These statements are based on current expectations, estimates and projections. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed in these forward-looking statements. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion