Oslo, October 31, 2011. GeoKnowledge announces that French Supermajor Total has completed the roll out of a new prospect assessment solution based on the GeoX system from GeoKnowledge. The system has been implemented with training of more than 200 Total explorationists over a five month period in Paris, Pau, Stavanger, Aberdeen, Balikpapan (Indonesia), Buenos Aires, Pointe Noire (Congo Brazzaville), Luanda, Lagos and Dubai. The initial 2011 contract sum is in excess of NOK 8 million. GeoX replaces the existing in-house system and the contract with GeoKnowledge not only includes extensions of the GeoX solution, but also migration of the existing Total prospect database. Initial reactions from users have been very positive and all exploration prospects are now assessed using GeoX.
Total’s move to GeoX was motivated by the need for a single common secure database for the prospect inventory. Their requirements included multi-level prospects assessment and alternative geological scenario evaluation that were computed outside their previous assessment tool and therefore not databased. Migration of existing prospects database was also a strong requirement. GeoX flexibility in organization made possible the preservation of Total’s prospect classification, risk model and post drill analysis which was necessary for their portfolio analysis. Another key consideration for the move to GeoX was the potential for additional integrated applications such as assessment of shale gas opportunities.
According to Per Audun Hole, CEO for GeoKnowledge, “The contract with Total is significant. It strengthens our belief in a strategy where we have focused on delivering and enhancing continuously our assessment solutions for the upstream petroleum industry. By working and learning with the best in class for close to 20 years, we have established a product foothold that now serves more than 100 customers worldwide, where some like Total are the most significant players in the petroleum exploration business”.
GeoKnowledge, headquartered in Oslo with regional offices in Houston and Kuala Lumpur, develops and markets decision support and asset management solutions (GeoX) for the upstream oil & gas industry. Established in 1985, the Company’s objective is to assist petroleum companies, governments and industry suppliers worldwide in evaluating the risks, resources and economic value of exploration and exploitation projects. GeoKnowledge’s customers include majors, independents, national oil companies, consultancies and government agencies. www.geoknowledge.com
Total is one of the largest integrated international oil and gas companies in the world. With operations in more than 130 countries, Total engages in all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, LNG) and Downstream operations (refining, marketing and the trading and shipping of crude oil and petroleum products). The Group is also a world-class chemicals manufacturer. Total is committed to meeting growing energy demand while consistently acting as a responsible corporate citizen. www.total.com