TNK-BP buys Roxar software

Roxar secured a major software agreement with Russia's third largest oil company, TNK-BP. Through the agreement, TNK-BP will purchase over 100 licenses of Roxar's flagship 3D reservoir modeling software, Irap RMS and its reservoir simulation software, Tempest.

TNK-BP will use the software in its main R&D centers, including the Tyumen Research and Technology Center, the Izhevsk Research and Technology Center, TNK Nyagan, TNK Nizhnevartovsk, Samotlorneftegaz, and Varyoganneftegaz.

As of Jan. 1, 2004, TNK-BP's proven reserves were 4.3 Bbbl of oil, and in 2004, the company increased crude oil production by 13%. The company estimates annual capital investments of $1.5 billion between now and 2007.

"For today's Russian oil and gas multinational, success comes down to performance, production, and profits. Correspondingly, Roxar's strength lies in its solutions, which enable everybody involved in the discovery-to-production lifecycle to share critical information, work together more effectively and maximize reservoir performance. The result is a winning combination as TNK-BP achieves maximum reservoir performance and greater profitability and Roxar continues to grow its business throughout Russia and the CIS," Sandy Esslemont, Roxar's CEO, says.

Roxar's reservoir modeling solutions include 3D lithologic, facies, and petrophysical modeling, risk analysis, and well design and help geologists, geophysicists, and other decision-making executives tackle issues relating to the overall management of the reservoir, Roxar says. The company's flagship reservoir modeling product, Irap RMS, comprises 10 fully integrated software modules, including mapping, modeling, planning, and workflow management tools.

2/25/05