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, chief information officer 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 longstanding use of Paradigm’s Geolog software, the industry reference for petrophysical data interpretation and analysis.
Jorge Machnizh, Paradigm chief operating officer, 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.”
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