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LANDMARK GRAPHICS ANNOUNCES AGREEMENT TO
INCORPORATE NEW GEOSTATISTICAL MODULE FROM (RC)2
-Geostatistical simulation module will enhance Stratamodel application-
DALLAS, TX - Landmark Graphics Corporation, a wholly owned business unit of Halliburton Company (NYSE: HAL), today announced that it has signed a development agreement with Reservoir Characterization Research and Consulting, Inc. (RC)2.
Under this agreement, (RC)2 will develop a geostatistical module that will be a fully integrated, optional module of Landmark's Stratamodel™. The software will be designed to perform geostatistical simulations of geological and reservoir properties in Stratamodel's three-dimensional geocellular model, process associated input data and analyze results. This will provide Landmark with the capability to deliver a geostatistical module within Stratamodel that addresses the majority of geostatistical algorithms needed by asset team geoscientists. The module will be provided by (RC)2 and marketed by Landmark as an (RC)2 module.
"This close, cooperative working relationship that we have established with the staff at (RC)2 will provide significant benefits to our customers," said John Gibson, president and CEO of Landmark. "Not only will our customers gain access to the geostatistical simulations in the module, but they will have immediate access to all the other (RC)2 products as well."
The agreement has also reinstituted the link between Stratamodel and (RC)2 core products, which allows clients to utilize the full range of (RC)2 functionality, which they can obtain from (RC)2 applications. In the event customers want a single point of contact, they can come to Landmark because it will also be a reseller of the entire (RC)2 product line.
"This close working agreement between Landmark and (RC)2 will provide Landmark customers with access to leading-edge geostatistical techniques tightly integrated with Stratamodel's high-quality deterministic property modeling capabilities," said Murray Roth, Landmark's vice president of Exploration and Development systems. "This will enhance the value of their geological models by enabling them to integrate multiple data types and investigate the impacts of heterogeneity and uncertainty associated with the reservoir description."
"The major benefit to the oil and gas industry with this agreement is that it provides the large Stratamodel user base with a set of tools crucial to the effective development and management of oil and gas reservoirs," said Udo Araktingi, chief executive officer of (RC)2. "Not only will Stratamodel users be able to integrate different data types, but also assess the risks associated with development decisions such as placing a new well in the reservoir."
Landmark is the leading supplier of integrated E&P technical and economic software and services to support decision making about finding, drilling and producing oil and gas. Knowledge-based E&P companies now are turning to Landmark for technical-to-business (T2B™) process integration for improving returns on their investments. Visit the Landmark Web site at www.lgc.com.
Founded in 1919, Halliburton Company is the world's leading diversified energy services, engineering, energy equipment, construction and maintenance company. In 1999, Halliburton's consolidated revenues were $14.9 billion, and it conducted business with a workforce of approximately 100,000 in more than 120 countries. The company's Web site can be accessed at www.halliburton.com.
Reservoir Characterization Research and Consulting, Inc. (www.rc2.com) is the recognized industry leader in the integration of diverse data types, especially core, well-log, well production and injection histories, well pressure data and seismic-based information. The company's staffs are specialists in geology, geophysics and reservoir engineers with each having extensive working and theoretical knowledge of geostatics. (RC)2 headquarters office is in Denver, with additional offices in Houston, London and Aberdeen.
Contact
Rod Hotz
Landmark Graphics Corporation
(p) 281.368.5766
rhotz@lgc.com
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