CHEVRON, SHELL AND SCHLUMBERGER TO FORM OPENSPIRIT CORPORATION; CEO NAMED
New company to develop and market the next generation of middleware for E&P applications and data integration
HOUSTON, Oct. 9, 2000 -- Chevron, the Royal Dutch/Shell Group and Schlumberger today announced that they have signed a memorandum of understanding to create OpenSpirit Corp., a company that plans to offer a standardized software infrastructure for the energy industry. Each company is to own an equal share of OpenSpirit Corp.
Development of the initial framework was funded by the OpenSpirit Alliance, a collaboration of leading exploration and production (E&P) companies and software vendors which focused on finding a better way to develop, deliver and utilize E&P applications. OpenSpirit Corp. will market, support and further develop this vendor-neutral and platform-independent application framework. The OpenSpirit software should be available for commercial release in fourth quarter 2000.
The business demands of E&P companies in the networked world require levels of collaboration and information sharing never previously achieved. The OpenSpirit software will provide the tools to build the advanced collaborative applications that are required by the E&P industry today.
Neil Buckley will serve as chief executive officer of OpenSpirit Corp. Buckley has more than 12 years of software commercialization experience in the energy business. He is a former president of U.S. operations for Merak, a division of GeoQuest.
"OpenSpirit represents a significant advancement in our industry's ability to share information and develop innovative collaborative solutions in a distributed environment," said Buckley. "Until now, there has not been a comparable framework capable of integrating data and applications from multiple sources in the E&P industry."
The OpenSpirit Corp. will be based in Houston. Additional information on OpenSpirit is available at www.openspirit.com.
About Chevron Corp.
Chevron, headquartered in San Francisco, is a leading international energy company, operating in about 90 countries and employing about 31,000 people worldwide.
The Royal Dutch/Shell Group of Companies -- usually known as Shell -- has grown out of an alliance made in 1907 between Royal Dutch Petroleum Company in The Netherlands and The "Shell" Transport and Trading Company, p.l.c. in the UK. Today Shell has five core businesses: Exploration & Production, Oil Products, Chemicals, Downstream Gas & Power, and Renewables, and it is operating in more than 140 countries around the world. Find Shell on the Internet at www.shell.com.
Schlumberger Oilfield Services, a business segment of Schlumberger Limited,is the leading supplier of services and technology to the international petroleum industry, withoperating offices, service locations, and research and development facilities around the world. GeoQuest, an operating unit of Schlumberger Oilfield Services, is the E&P industry leader for the supply of integrated software systems and data management solutions to assist petroleum companies in optimizing the value of their oil and gas reservoirs. Schlumberger is on the Internet at www.slb.com.
About the OpenSpirit Alliance
The OpenSpirit Alliance began three years ago as a cooperative effort between oil companies and E&P software vendors that share a common goal of enabling multi-vendor application interoperability based on industry standards. Members have included Shell, Elf EP, Chevron, STATOIL, BG plc, CGG, Shared Earth Technologies, Jason Geosystems, de Groot-Bril Earth Sciences, Petrotechnical Data Systems, GeoQuest and IFP. All existing OpenSpirit software and related development tools and documentation, previously developed and marketed by PrismTech, will be exclusively licensed to the OpenSpirit Corp. under an Intellectual Property Agreement.
DISCLAIMER: This press release contains projections and other forward-lookingstatements within the meaning of section 21E of the Securities Exchange Act of 1934, asamended. These projections and statements reflect the current views of OpenSpirit and the other companies referred to herein with respect to the business and prospects of OpenSpirit and such companies. No assurances can be given, however, that these projections and forward-looking statements will be achieved, and actual results could differ materially from those projected.
Updated: October 2000