Yahoo Finance Halliburton (HAL) Acquires Resoptima to Optimize DecisionSpace
Halliburton Company (HAL) announced the acquisition of Resoptima AS, a Norway-based technology major that offers data-driven reservoir management solutions to customers in the oil and gas industry. With the use of these solutions, operators may use data for reservoir understanding, boosting efficiency in oil extraction, resource management and risk alleviation.
Developed with feedback from several clients, Resoptima's software was introduced in 2013. By avoiding expensive errors like poor well drilling and needless injection volumes, the technology helps boost reservoir recovery factors and delivers cost savings on reservoir intervention projects.
HAL stated that it has used its solutions at more than 130 active fields across the globe to increase production output, forecasts, and thorough evaluations of uncertainties and risks. As a result of this acquisition, Resoptima's reservoir modeling and predictive analytics, which are among the best in the industry, will be included in the Halliburton Landmark DecisionSpace 365 package.
Open Subsurface Data Universe (OSDU Data Platform) hosts the DecisionSpace 365 software as a service. It is intended to provide low latency, high throughput and self-cleaning solutions for integrating huge amounts of data into the OSDU Data Platform from a number of sources.
According to HAL, the DecisionSpace 365 and Resoptima solutions will have open architectures and interoperability with third-party software.
According to Nagaraj Srinivasan, Landmark, Halliburton Digital Solutions and Consulting senior vice-president, the combination of Resoptima's best-in-class reservoir engineering and science with Landmark's leadership in geology and drilling allows Halliburton to offer unique and innovative solutions that enhance exploration success and reservoir recovery.
According to Atila Mellilo, the former CEO of Resoptima, the unified ensemble modeling strategy with Halliburton and Landmark will help foster innovation, provide increasing value to clients and broaden the company’s market reach.
Zacks Rank & Key Picks
Currently, Halliburton carries a Zack Rank #3 (Hold).
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