New software by SLB, Quora promises to revolutionise oil project planning

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

Oilfield services provider SLB and software company Quorum Software have joined forces to introduce a digital planning solution aimed at revolutionising field development planning. The collaboration brings together Quorum’s Planning Space business planning and petroleum economics offering with SLB’s FDPlan™ agile field development planning solution, resulting in a comprehensive integrated solution that promises to significantly reduce planning time and enhance collaboration.

The integrated solution allows for the automatic evaluation of project economics while fostering better collaboration between geoscientists, engineers, and petroleum economics teams. According to SLB, by incorporating petroleum economics data into the earliest stages of asset evaluation, the software enables customers to analyse a wider range of development scenarios and make investment decisions more efficiently. They expect this streamlined process to be able to cut development planning time by up to 50%, offering substantial time and cost savings for energy companies.

SLB posts US$7.9 billion Q4 earnings, beating analysts estimates | OilNOW

“Quorum and SLB have released a powerful evaluation and planning solution for improving asset selection and development decisions,” said Trygve Randen, Senior Vice President of Digital Products and Solutions at SLB. “With subsurface and petroleum economics connected, customers can quickly assess their global asset portfolio to prioritise their development projects, lowering costs, maximising returns, and significantly reducing time to value through streamlined field development planning processes.”

By leveraging the strengths of both platforms and integrating petrotechnical data with business planning, the solution  is purported to ensure seamless connectivity and enable energy companies to enhance performance and profitability. The incorporation of corporate standard fiscal regimes, prices, and currencies is also being marketed as adding to the software’s versatility and applicability in a global context.

Schlumberger rebrands to SLB: a Technology Company Driving the Future of Energy | OilNOW

Tyson Greer, Chief Products Officer at Quorum, pointed out that delivering this integrated solution with SLB and Planning Space is an exciting first for the market. “This integrated solution will enhance performance and profitability for energy companies globally with seamless connectivity between petrotechnical data and business planning. We’re committed to continuing to co-innovate with SLB across planning, economics, and reserves to better serve the global energy community.”

The collaboration between Quorum and SLB to integrate their solutions within the cloud-based Delfi™ digital platform was initially announced in June 2022. After a year of development, the joint solution is now commercially available.

As the energy industry continues to evolve and adapt to changing market dynamics, innovative solutions such as the one introduced by SLB and Quorum are crucial for companies seeking a competitive edge. 

- ADVERTISEMENT -
spot_img

Partnered Events

Latest News

U.S. EIA: Guyana is now the third fastest growing non-OPEC oil producer in the world

Guyana trails behind only the U.S. and Brazil as the fastest growing oil producers not part of the Organization...

More Articles Like This