ChevronTexaco and Schlumberger Team Up to Improve Oil and Gas Production Technology
JOINT PRESS RELEASE
Issued by ChevronTexaco Corp. and Schlumberger.
New joint technology development project will combine advanced production technologies with real-time data
SAN FRANCISCO, Sept. 23, 2002 -- ChevronTexaco Corp. and Schlumberger announced today they have launched a multi-year joint technology development project to increase efficiencies in oil and natural gas production. The development of this next-generation reservoir management solution will enhance the use of real-time oilfield sensor data from wells and facilities to improve real-time oilfield management.
"Our objective is to bring recent advances in information technology and production system modeling together in a valuable solution," said Mark Puckett, president, ChevronTexaco Exploration and Production Technology Co. "This project will enable simultaneous access to crucial field information from real-time sensors enabling collaboration between field and office personnel for faster and better decisions regarding how to improve reservoir performance."
Production teams typically monitor hundreds of wells and surface facilities sensors each day, resulting in overwhelming volumes of data. This project will provide the industry with automated tools and services to screen pertinent data, flag under-performing wells, diagnose production problems, and recommend corrective actions to optimize field production.
"We aim to jointly develop technology that advances the industry's ability to assimilate large amounts of streaming production data, to improve oil and gas production rates and ultimately to improve recovery," said Satish Pai, vice president, Schlumberger Oilfield Technologies. "The combination of ChevronTexaco's experience in modeling and managing petroleum production systems around the world and Schlumberger's expertise in oilfield service technologies and systems integration will enable both parties to maintain our leading positions in production optimization technologies."
The project team will concentrate on systems integration issues related to real-time software, hardware, workflow processes, and network infrastructure. Both companies expect to employ intermediate technologies in their respective businesses.
Schlumberger Oilfield Services and SchlumbergerSema, the Schlumberger business segment that provides IT systems integration solutions to the industry, will participate in the project and commercialize any technology developed by the collaboration effort. Schlumberger Information Solutions, the Schlumberger operating unit that provides software, information management, and data and consulting services, will support and deliver services resulting from the joint technology development project.
About the Organizations
Based in San Francisco, ChevronTexaco Corp. is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products.
Schlumberger is a global technology services company consisting of two business segments. Schlumberger Oilfield Services, the largest oilfield services company in the world, is the leading supplier of technology services and solutions to the international petroleum industry. SchlumbergerSema is a major IT services company providing information technology to the telecommunications, energy and utilities, finance, transport and public sector markets. In 2001, Schlumberger revenue was $13.7 billion. For more information visit http://www.slb.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about the future development potential of oil and gas production technology. These statements are based on current expectations, estimates and projections. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed in these forward-looking statements.
Updated: September 2002