December 07, 2007
AMSTERDAM, The Netherlands, Nov. 29 -- Paradigm, a leading provider of enterprise software solutions to the oil and natural gas exploration and production industry, and Chevron Corp., today announced that a major agreement has been reached for the global deployment of the Paradigm Interpretation and Modeling software solutions to integrate with Chevron's proprietary E&P systems.
The multi-year, multimillion-dollar agreement encompasses the deployment of Paradigm's next generation interpretation and reservoir modeling technologies and associated services. Paradigm will partner with Chevron Energy Technology Company (ETC) to implement the solution worldwide as well as to provide further technology development to support Chevron's specific E&P goals.
Chevron selected the Paradigm Interpretation and Modeling solution for its strong innovation and open integration framework. According to Peter Breunig, CIO of Chevron ETC, "After an extensive internal needs assessment and external market review, we selected Paradigm's cutting-edge interpretation and modeling framework solution for its strength in providing advanced interpretation and modeling workflows that will enable us to shorten our cycle-time and reduce our exploration risk. Paradigm's technology will be one of the key technologies deployed globally throughout our E&P organization and their framework will be integrated with our proprietary technology."
Chevron has also reached a multi-year agreement with Paradigm to extend its long-standing use of Paradigm's Geolog software, the industry reference for petrophysical data interpretation and analysis.
Jorge Machnizh, Paradigm COO, said, "These new agreements reaffirm the value of our more-than-10-year relationship with Chevron and puts to work a number of Paradigm's powerful emerging technologies. Paradigm is delighted to be chosen as a key partner in supporting Chevron's long term E&P strategic business goals."
Paradigm helps global oil and gas companies locate new reserves and optimize production in complex geological areas. Paradigm's technology advances the science of hydrocarbon detection with solutions in seismic data processing and subsurface imaging, prospect interpretation and modeling, reservoir characterization, and well planning and drilling. These exploration and production solutions operate in an open environment with connectivity to third-party data stores to accelerate project creation and turnaround. Paradigm has a global network of sales, services and user support, serving major oil and gas producing regions around the world. For additional information visit Paradigm's Web site at www.pdgm.com.
About Chevron Corporation
Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Source: Paradigm Geotechnology BV
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