Kongsberg Oil & Gas Technologies AS, a wholly owned subsidiary of Kongsberg Gruppen, has signed a non-exclusive cooperation agreement with KBC Advanced Technologies (KBC) to develop stronger simulation software integration and more effective engineering and operation workflows.

The objective is to enable the oil and gas marketplace to respond to the demand for significantly better production economics while substantially reducing the cost of design and production over field life.

The cooperation agreement defines joint technology integration activities, joint consulting and services offerings, and coordinated sales and marketing activities. Both companies have signed mutual license agreements to immediately enable cross selling of integrated software solutions.

KBC CEO, Andy Howell, said: “The market is demanding that oil and gas technology companies and suppliers develop innovative ways to create increased value in upstream field development planning, design and operations. With our combined technology suites and the depth in consulting capability of both our strong brands; KBC and Kongsberg Oil & Gas together are uniquely positioned to deliver value and to support new ways to realise margin over field life.”

Pål Helsing, President of Kongsberg Oil & Gas, added: “We are very excited at the potential benefits our combined software and consulting capability can bring to the current industry situation, and with the very clear synergy between our organisations. This approach provides short and long term benefits for our industry to address new, low levels of economic hurdle rates, and to mitigate the uncertainty and risk of future oil prices. The industry needs a novel approach to efficient production and here it is.”

Source: Oil and Gas Technology