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Caesar Systems Releases Version 5 of PetroVR Business Simulation Software for the Oil and Gas Upstream Sector.

HOUSTON -- Caesar Petroleum Systems LLC announced that version 5.0 of its Petroleum Ventures & Risk (PetroVR) business simulation software is now commercially available for the oil and gas upstream sector.

PetroVR5 is a Windows-based application with seamless support for Microsoft Excel. Caesar Systems introduced PetroVR as its first fully-integrated risk analysis software tool suite in 1997.

"PetroVR5 will greatly simplify how exploration and production project teams describe a business asset for decision making purposes in a simulation context," said Victor Koosh, chief executive officer of Caesar Systems. "It includes a more accurate simulation engine and the user interface has been significantly improved by providing more explicit analogies to the real world of hydrocarbon development."

According to Koosh, this new version of PetroVR has been in development for 18 months and includes an extensive redesign of the business simulation capabilities of the software. Caesar Systems designed this new release to accommodate customer demand for simplified model creation, more intuitive workflow, decreased cycle time, enhanced transparency using explicit oil field analogies, and increased accuracy.

As an example of the more robust business simulation engine in PetroVR5, Caesar Systems points to a new and simplified process for defining and displaying the rigs, wells, facilities and other resources related to an opportunity, and to a more powerful, flexible process for manipulating the project schedule.

"Effective simulation of the whole opportunity lifecycle--from exploration through operations to abandonment--has been the missing ingredient until now," said Koosh. "The tremendous range of production scenarios for a complex reservoir environment poses confounding uncertainties and risks that can only be quantified (visualized) with an integrated, flexible simulation process. Insightful decision-making hinges on a reservoir-to-market simulation that encompasses the whole value chain--and it's been elusive until now."

Key Features of PetroVR5

Highlights of the new PetroVR software release include expanded scheduling options enabled by pull-down menus that prompt for real-world scheduling interdependencies; explicit definition of both planned and unexpected downtime within production models; automatic "choking" corrections that keep forecasts within actual capacity limits; simplified rig manipulations, now explicitly defined within a project schedule according to user-definable interdependencies; and enhanced decision trees with greater flexibility to compare branch results. Project workflow is improved with an improved scheduling display that permits aligning prior and current simulations, with related jobs and events intuitively grouped; improved simulation graphs that reveal event dates and production potential with greater accuracy; simplified workflow with one-click creations that formerly required multiple steps; and new shutter panes for more intuitive presentation.

More About Caesar Systems

Headquartered in Houston, Texas, Caesar Systems serves the worldwide petroleum industry with integrated business simulation software tools, training, support and on-site consulting. Caesar Systems contributes extensive value to E & P leaders in the form of improved decision-making preparation and support as well as team collaboration, enhanced workflow and knowledge transfer.

Caesar Systems introduced its anchor product, Petroleum Ventures & Risk (PetroVR) in 1997. Over the past 10 years, PetroVR has gained acceptance among many leading exploration and production companies. Caesar Systems has attracted and retained an experienced team of E & P professionals to develop, market, install and support the PetroVR tool suite for its clients throughout the world.

For more information about Caesar Systems or PetroVR software applications, please contact Victor Koosh, chief executive officer, at vkoosh@caesarsystems.com or 713-255-8331.

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Publication:Business Wire
Date:Mar 26, 2007
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