Geomodeling > News & Events > News Releases
News & Events
Breakthrough Canadian Technology Attracts Multi-Million-Dollar Investment from NorwayJune 15, 2005
Offtech Invest AS injects CAD $2.5 million capital to boost commercialization of Geomodeling's reservoir modeling software.
Calgary, Canada -- Calgary-based Geomodeling Technology Corp. will bring its unique reservoir modeling technology from the research phase to commercial markets with capital from Offtech Invest AS, Norway. Developed with research funding from nine major oil companies, SBED and SBEDStudio are the only software products on the market that enable geoscientists to model the multi-scale reservoir heterogeneities that impact large-scale performance of oil and gas fields. The CAD $2.5 million investment will accelerate the commercialization of the two products to meet critical demands in the petroleum industry.
"The quality of technology and talent offered by Geomodeling makes this investment attractive," said Dr. Trygve Logreid, spokesperson for Offtech Invest AS." "The impact that multi-scale modeling in general, and Geomodeling's portfolio of products in particular, will make on the industry is going to be very significant."
Joint industry project partners BG Group, BHP Billiton, ConocoPhillips, ENI, ExxonMobil, Norsk Hydro, Shell, Statoil and Total have contributed both funding and technical expertise to the research and development phase of SBED since 2000. The result is an advanced tool for modeling fine-scale geological properties and upscaling of critical petrophysical properties across the entire reservoir. Industry partners have successfully applied SBED to their exploration and production workflows to better predict hydrocarbon reserves and production profiles.
"The investment from Offtech Invest AS demonstrates industry's commitment to developing technology that meets today's exploration and production challenges." said Dr. Renjun Wen, President, CEO and founder of Geomodeling." With this financial backing, we can quickly move SBED and SBEDStudio from the research and development phase into the business units of petroleum companies worldwide."
Conditioned with core data and seismic interpretation, and equipped with an extensive library of geological templates, SBED and SBEDStudio are well integrated with petroleum exploration and production workflows. Geomodeling's technology is the first of its kind to successfully integrate multi-scale, cross-disciplinary data for large-scale reservoir analysis.
For additional information, contact:
Geomodeling Technology Corp.
Suite 1510, 540 - 5 Avenue SW
Calgary, Alberta T2P 0M2
Canada
T: + 1 403 262 9172
F: + 1 403 262 9171
info@geomodeling.com
www.geomodeling.com
Geomodeling invites you to visit us at the AAPG 2005 Convention:
June 19-22, 2005
Calgary Stampede Park
Calgary, Alberta, Canada
Booth #335
About Geomodeling Technology Corp.
Geomodeling Technology Corp. is the leading innovator in geoscience software for the oil and gas industry. Our mission is to enhance exploration and production workflows by providing cross-scale, cross-disciplinary, cross-platform software to geoscientists worldwide. Founded in 1996 and headquartered in Calgary, Canada, Geomodeling has international offices and resource centers in China, Mexico, Norway, United Kingdom and USA.
About Offtech Invest AS
Offtech Invest AS is a wholly-owned subsidiary of Statoil ASA. Offtech Invest AS is actively investing in technology companies with promising products for the oil and gas industry. The focus is on companies with products that are in the commercialization phase.
SBED and SBEDStudio are registered trademarks of Geomodeling Technology Corp.