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HALLIBURTON ENERGY SERVICES AND VERTEX PETROLEUM SYSTEMS TO PROVIDE INTERNET-BASED RESERVOIR MODELING SERVICES
HOUSTON, Texas - Halliburton Energy Services (HES), a business unit of Halliburton Company (NYSE: HAL), has entered into a strategic alliance agreement with Vertex Petroleum Systems (VPS) to offer remote, ongoing reservoir modeling and analytical services to the petroleum industry. This new service offering is an integral part of the Reservoir Focus platform of Halliburton’s Real Time Reservoir Solutions (RTRS)™, an innovative approach that integrates people technology and processes to dramatically improve the speed and quality of the decisions needed during reservoir development. Combining the communication capabilities of the internet with VPS’s proprietary reservoir modeling technology and Halliburton's broad experience establishes a new model for delivering value-added, time-critical reservoir management solutions.
The new service, designated RPF-OnlineSM, will be available to oil and gas operators on a per well subscription basis exclusively through Halliburton. Using a secure extranet website, subscribers can enter well, production, and reservoir data. Halliburton then uses the data to build, history match, interpret reservoir models, and run predictive analysis and production forecasts that are updated on a "rolling" basis every month. RPF-OnlineSM service will enable operators to evaluate and optimize many reservoir exploitation options, including new well locations, spacing plans, completion methods, fracture parameters, production potential for new wells, and the economic impact of many different possible drilling and completion plans.
The simulation capabilities of the RPF-OnlineSM service models well and reservoir situations typically found in production operations. RPF-OnlineSM service is also used in extremely complex situations to give a "first look" type of analysis, identifying primary problem areas or when a more comprehensive reservoir study is warranted.
Jody Powers, president of Halliburton Energy Services, said, "With this new service, Halliburton is taking another step forward in providing our customers real time reservoir solutions, which is at the heart of our strategy. For the first time ever, a low cost subscription service will enable operators to continuously monitor, adapt, and optimize reservoir development, regardless of size or location. Not all operators can afford to have fully loaded reservoir evaluation teams internally, and this approach allows them to use our services only when they are needed online."
Dick Barden, president of Vertex Petroleum Systems, added, "This alliance was brought about in response to a broad-based need for dynamic, predictive modeling that could be used to direct and enhance a wide range of development drilling and field management options. RPF-OnlineSM service will allow many more operators to take advantage of the technological breakthroughs we've made in reservoir simulation. It will certainly help subscribers reduce their cost per barrels of oil equivalent (BOE) and, by effectively using the internet, the service can be delivered almost anywhere with near real-time speed."
Based in Englewood, Colorado, Vertex Petroleum Systems has developed new technology that enables the rapid building and processing of predictive reservoir models, while still generating very rigorous solutions. The software has virtually no limitation as to the size, shape or number of reservoirs that can be set up, or the number of wells, or the type of completions that can be included in a model. More information can be obtained from VPS’s web site at www.vertexps.com.
Halliburton Energy Services provides products, services, and integrated solutions for oil and gas exploration, development, and production. Capabilities range from initial evaluation of producing formations to drilling, completion, production enhancement, and well maintenance - for a single well or an entire field. With more than 300 service centers in more than 90 countries, Halliburton possesses the global perspective that is increasingly important for energy exploration and production.
Halliburton Company, founded in 1919, is the world's largest provider of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments.
Contact
Wendy Hagan
wendy.hagan@halliburton.com
Halliburton Company
Public Relations
(p) 713.676.5619
Wendy Hall
wendy.hall@halliburton.com
Halliburton Company
Corporate Relations
(p) 713.676.5227
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