Landmark Software and Services, a Halliburton (NYSE: HAL) business line, has acquired Neftex Petroleum Consultants Limited, a UK-based company specializing in sequence stratigraphy-based products and consulting for subsurface risk reduction. The Neftex Earth Model integrates millions of data points to deliver an unrivaled global overview of the geological history and resource development of the earth.
Faster and increased exploration success is at the heart of operators’ business and financial performance. Since its inception, Landmark has introduced innovative technologies to deliver a step change in exploration outcomes. Neftex’s consistent 4D “digital model” of the subsurface is driven by a unique and proprietary global sequence stratigraphy framework. This allows geoscientists for the first time to use a single global platform to search, discover, analyze and integrate geoscience data and interpretations essential to understanding and managing subsurface risk.
The Neftex Earth Model Base Module provides essential tectonic and stratigraphic data and framework interpretations needed to underpin regional exploration. Additional Neftex Earth Model Modules deliver supplementary licensed datasets for each region across the globe. The value this content brings to operators is the ability to compare stratigraphic sequences for a particular basin with other basins around the world during the same time period. This allows for an improved ability to predict outcomes based on the performance of proven basins. Operators will be able to identify potential exploration prospects based not just in the basin of interest, but also within the context of a global framework reference.
“Landmark constantly innovates to improve exploration accuracy and success, and lower the risk involved in development and production. We believe the next step change will be achieved by integrating high-quality and trusted expert data interpretations with the exploration science embedded in application software,” said Nagaraj Srinivasan, vice president of Landmark Software and Services. “The integration of the Landmark and Neftex technology suites will result in a digital subsurface representation that is uniquely tied to one stratigraphic model and delivered instantly for any region in the world. Customers should increase the reliability of their modeling efforts and accelerate the search for new reserves, a critical capability in driving upstream business performance.”
By integrating data and interpretations from the Neftex Earth Model with the DecisionSpace application platform, Landmark expects to improve its customers’ ability to explore more prospects faster, and obtain subsurface insight to better predict the probability of drilling success.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 80,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
The statements in this press release that are not historical statements, including statements regarding impact on customers, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to, the integration and success of acquired businesses such as Neftex. Halliburton's Form 10-K for the year ended December 31, 2013, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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