Emerson and Repsol to Form Alliance on Advanced, Cloud-Based Exploration and Development Software
HOUSTON--(BUSINESS WIRE)--Mar 12, 2019--Emerson (NYSE: EMR), a global engineering and technology company, and Repsol, an energy company, announced today they have established a strategic alliance to deliver advanced subsurface geophysical technologies to significantly reduce the time to prospect and produce first oil.
To achieve this critical industry goal, Emerson will work collaboratively with Repsol to implement and deploy advanced subsurface imaging technologies, with core technologies developed by Repsol as part of Kaleidoscope, its 10-year innovation project. These advances will be used by a broad range of the geoscience community within Repsol and in all oil and gas companies that choose to license the technologies. The solution combines the latest in high-end visualization, high-performance computing and cloud delivery.
These technologies have contributed to the exploration success ratio of Repsol, with special significance in settings of complex geology in countries like Brazil, Peru and Bolivia.
“Emerson is helping the energy industry implement the latest digital technologies to realize significant performance improvements,” said Lal Karsanbhai, executive president of Emerson’s Automation Solutions business. “We’re proud of our collaboration, to help Repsol bring this subsurface reservoir imaging innovation to the geoscience community. It is a great example of how technology and collaboration can deliver business value for the oil and gas industry.”
The partnership, which includes a joint investment of both research and development, will enable Repsol and Emerson to produce commercially available software products for license to help other oil field operators and service companies.
“The strategic partnership between Emerson and Repsol will enable the oil and gas industry to benefit from the deployment of our proprietary core technologies related to the enhancement of seismic processing and interpretation,” said Tomás García Blanco, executive managing director of exploration and production for Repsol. “Our collaboration will build technology bridges between the domains of seismic imaging and interpretation, bringing high-end technology awareness and access to a broader geoscientist community.”
The first phase of the collaboration will provide advanced solutions for velocity determination, including full waveform inversion and advanced solutions for seismic imaging developed in the Repsol Technology Lab. In addition, the collaboration can be extended to a broader range of Repsol subsurface technologies.
Emerson’s E&P software portfolio – which integrates and forecasts oilfield data with production and reservoir engineering fundamentals – and its advanced cloud-based platform are designed to help operators increase efficiencies and achieve Top Quartile performance on investment and operational goals within new and established oil and gas reservoirs. Top Quartile performance is defined as achieving operations and capital performance in the top 25 percent of peer companies.
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Emerson Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Emerson Commercial and Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.
Repsol is a global energy company present throughout the whole energy value chain. The company employs more than 25,000 people and its products are sold in more than 90 countries, reaching 10 million customers. Repsol produces over 700,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. The company operates low-emissions electricity generation assets, including photovoltaic and offshore wind power projects.
Technology and digitalization are key pillars of the company, whose cutting-edge projects in various disciplines have made it a leader in innovation, sustainability, and efficiency in the energy sector. As part of its commitment to open innovation, Repsol collaborates with prestigious partners and uses tools such as its strategic investment fund. This fund focuses on acquiring stakes in startups that offer advanced mobility solutions, new materials, the circular economy, and digital technologies related to the exploration and production of hydrocarbons.
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CONTACT: For Emerson
KEYWORD: UNITED STATES NORTH AMERICA SOUTH AMERICA MISSOURI
INDUSTRY KEYWORD: ENERGY OIL/GAS OTHER ENERGY TECHNOLOGY DATA MANAGEMENT HARDWARE SOFTWARE MANUFACTURING ENGINEERING OTHER MANUFACTURING
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PUB: 03/12/2019 09:01 AM/DISC: 03/12/2019 09:01 AM