PGS confirms PetroBank acquisition (November 1998)

As forecast in PDM (Vol 3 N° 9) PGS hasacquired the PetroBank product line from IBM. PGS are now sketching out the way forwardfor PetroBank, and IBM outlines the current scope of their oil business activity.

PGS has acquired the PetroBank Product Family for both continued internal use and to meet the external data management requirements of the petroleum industry. PGS will continue selling, marketing and enhancing PetroBank technology solutions for the E&P marketplace by combining innovative technology and E&P data expertise to provide cost-effective solutions to the E&P Industry’s data challenges. PGS will continue to partner with Baker Atlas and their RECALL well log database. RECALL is an integrated component (the PetroBank Well Log Module) of the Master Data Store. Arvid Qvanvik, President of PGS Data Management said "PGS plans to further enhance and customize the IBM products to meet the ever-changing needs of the E&P marketplace. In addition, we will continue to use this technology combined with our E&P data knowledge to make PGS Data Management the number one supplier of integrated data management solutions, worldwide. PGS will provide continuity of support and development for existing users,".Perhaps PDM went a little over the top when we said that IBM had thrown in the towel? The official position is that IBM will "continue to market consulting, systems integration and information technology infrastructure to exploration & production customers, and will work closely with PGS, oil companies and service providers in the industry".