SIGMA3 names CTO, Houston engineering manager
Sigma Cubed Inc. (SIGMA3) has named Dr. Alan J. Cohen as chief technology officer (CTO) and Reservoir Characterization Center of Excellence leader. He will lead the development strategy for the company’s integrated GeoEngineeringT solutions and workflows. He will be responsible for the continued evolution and integration of reservoir-centric geoscience and engineering technologies across all lines of business. As Reservoir Characterization leader, he will spearhead the consolidation of the company’s reservoir geophysics and reservoir characterization technologies. Cohen succeeds Dr. Alan Huffman, who stepped down from the CTO position at the end of July. Huffman continues with SIGMA3 as an advisor. Cohen spent 28 years with Royal Dutch Shell and most recently held dual roles as Director of Quantitative Interpretation R&D at ION Innovation and Global Director of Reservoir Services at ION-GX Technology. He holds a PhD from Harvard University and a BSc degree from McGill University. Additionally, the company has appointed Mark Bozich as Houston Engineering Manager. Bozich will develop and direct the new Houston-based Engineering division. Bozich spent 26 years with Halliburton and most recently served as a completion consultant with FTS International. He earned a MBA from the University of Houston and a BS from New Mexico State University.
Silver Lake acquires Quorum
Silver Lake Partners and Silver Lake Kraftwerk have agreed to acquire Quorum Business Solutions from funds managed by The Carlyle Group’s middle-market buyout team and Riverstone Holdings. Key Quorum management will also participate as equity partners in the new ownership structure. Quorum provides software – including financial accounting, transaction systems, land & property management and trading & risk management, among others – for companies operating within the oil and gas supply chain. The deal marks the first joint investment between Silver Lake Partners and Silver Lake Kraftwerk, as well as the partners’ first investment in the technology-enabled sectors of the oil and gas industry. The company was advised by Credit Suisse, Hogan Lovells US LLP, and Latham & Watkins LLP. Silver Lake was advised by Kirkland & Ellis LLP. RBC Capital Markets is providing debt financing for the transaction.
CoreLogic offers new land records management solution
CoreLogic, a global property information, analytics, and data-enabled services provider, has introduced a new land records management solution. SpatialRecord integrates CoreLogic parcel-level spatial data with the company’s property-level database. SpatialRecord appends and normalizes location information and property characteristic data that is often otherwise dispersed across a variety of sources. It provides data that is updated daily from more than 4,700 sources on 99% of properties throughout the US. In addition to combining the data sets into a single, ready-to-use resource, the expanded integration of CoreLogic spatial and property-level data includes: land property use; land, structure and property valuation and tax information; property and structure area; construction and structure details; mailing addresses that coincide with site addresses; first and last names of primary and secondary property owners.
Stochastic Simulation acquires Planet
Stochastic Simulation Ltd. has acquired PlaNet, an integrated suite of software for reservoir modelling and oil and gas field network planning, from Paradigm. PlaNet includes the following modules: GasPlan: a fully compositional “reservoir to market” gas planning simulator; ResNet: multiphase and multi-fluid constraint analysis for oil, gas and water production systems; AutoOpt: “genetic algorithm” global lifecycle optimisation analysis of GasPlan and ResNet models; AutoMatch: automatic “least squares” history matching tool for system pressures and rates; ResSim: 3-phase, 3-dimensional reservoir simulator integrated with ResNet and GasPlan; TasGen: generation of reservoir simulation input from Tasmap; TasMap: geological modelling. Stochastic Simulation provides specialist modelling software and services to the upstream oil and gas industry.
Caesar Systems launcHes PetroVR Version 11.2
Caesar Systems LLC has introduced PetroVR Version 11.2, a mid-year software release featuring enhanced flexibility and accuracy in unconventional asset planning simulations, with seven new capabilities and 47 enhancements. Unconventional well decline curves typically have at least two phases, each one described with a modified Arps curve having a different value. The primary uncertainty is the time at which the value changes, which can vary in unconventional assets by days or months. To model this decline shift, well models in unconventional assets can now be defined in PetroVR 11.2 with well-specific decline switches for more reliable economic modeling. Flexibility and accuracy for well modeling in unconventional assets: automatic decline switch in Well Decline Manipulation involving Arps equations; new probability function for calculating InverseTriangular Distributions; flexibility to compute drilling and completion costs as either CapEx or OpEx, to prevent exploration and appraisal wells or dry holes from being included among capital assets; enhanced algorithm for calculating facilities along with wells now reflects the impact of rig units being added and withdrawn; shut-in excess policy has been extended to all wells upstream from the facility, apart from those directly connected; plan results for Total Oil Developed and Total Gas Developed are now shown for the whole project including facilities and rigs; display tables now can be defined by arrays as parameters.
