Chevron Press Release - Paradigm Geophysical and Chevron Reach Technical Cooperation Agreement
NEW NMR PRODUCT TO BE DEMONSTRATED TODAY AT ANNUAL MEETING OF THE SOCIETY OF PETROLEUM ENGINEERS
THIRD PARTY RELEASE
This is news concerning Chevron but issued by someone other than Chevron and archived here for record purposes
HERZLIA, Israel, Oct. 2, 2000 -- Paradigm Geophysical Limited a leader in geoscience knowledge solutions for the oil and gas industry, today announced that it has entered into a multi-year technical cooperation agreement with Chevron Petroleum Technology Company, a division of Chevron USA Inc. The agreement covers the development of new products for geoscience computer-based applications for oil and gas exploration and production.
Paradigm and Chevron will both contribute their core competencies to enable Paradigm to deliver new products to the industry-at-large in areas of advanced oil-field technology where Chevron has special expertise. Additionally, Chevron intends to deploy these new products internally.
The initial area of cooperation is the development of a Nuclear Magnetic Resonance (NMR) well-log analysis module for incorporation into Paradigm's well log analysis product -- GeoLog. This new module processes raw NMR measurements and provides an interpretation tool for geologists to determine the type of hydrocarbons present and whether they can be produced economically. Paradigm will demonstrate its beta version of this new NMR product, incorporating Chevron technology, at the annual meeting of the Society of Petroleum Engineers which opens this morning in Dallas, Texas.
Donald Paul, Chevron Corporation Vice President of Technology and Environmental Affairs said, "We are very pleased to enter into this agreement with Paradigm. It's an opportunity to expand and apply Chevron's expertise to a new generation of computer-based efficiency tools. We are also pleased to leverage our reservoir characterization expertise so that it's available to the industry through our cooperative technology development agreement with Paradigm."
Eldad Weiss, Paradigm's Chairman and Chief Executive Officer commented, "This agreement with Chevron provides Paradigm with special competencies in reservoir characterization that complement our own software engineering and geoscience competencies. Together we plan to develop a series of new field proven reservoir characterization tools for the industry."
Mr. Weiss continued, "Chevron's choice of Paradigm's geoscience solutions infrastructure, as the basic platform for delivery of its advanced reservoir characterization solutions to both its internal users and the industry-at- large, is a very important industry endorsement of our products and technological competence. We look forward to a series of exciting new product module developments, the NMR module being the first in a series of new products we have identified together."
Paradigm Geophysical Ltd. provides geoscience software and service solutions to the oil and gas industry. The Company has sales, customer support and service offices in Houston, London, Aberdeen, Bahrain, Calgary, Moscow, Caracas, Buenos Aires, Rio de Janeiro, Perth, Brisbane, Beijing, Jakarta and Singapore.
Recent press announcements are available on Paradigm's web site: http://www.paradigmgeo.com.
Paradigm Geophysical is the registered trademark, and GeoLog a trademark of Paradigm Geophysical Limited.
Chevron Corp., headquartered in San Francisco, is a leading energy and chemical company, operating in about 90 countries. Chevron, which employs 31,000 people worldwide, has about $40 billion in assets. Total revenue in 1999 was $36.6 billion.
Updated: October 2000