UK Petroleum Consultants Troy Petroleum Management Services and Ikoda are to merge into the Troy-Ikoda Group (TIG.) The deal combines Troy’s oil and gas financial and reserves evaluation services with Ikoda’s software development and seismic expertise. TIG will provide a broad range of services from exploration to oilfield operations. TIG will also provide technical services including software research and product development.
On the technology front, Ikoda’s expertise lies in the field of petro-acoustics and reservoir focused seismic technology, including time lapse reservoir studies and multi-component 3D seismic based reservoir characterization. Ikoda’s VolumeFinder software is a helper application that automates the process of locating and ranking potential reservoir bodies in a 3D seismic volume. Ikoda’s latest product – RocDoc is a 2D seismic modeling package that runs within Microsoft Excel. Both products will be marketed by a new TIG unit Ikoda Technology Limited (ITL). The TIG client base comprises 200 plus clients worldwide including Shell, ExxonMobil, BP, TotalFinaElf, BG, Texaco and Statoil. Ikoda was founded in 1994 by the merger of Ikon Geoscience Limited and Dolan & Associates, an international geological consultancy owned by Peter Dolan.
Troy chairman Michael Knowles used to be Group Chief Petroleum Engineer for BP. Ikoda managing director Martyn Millwood Hargrave is also chairman of Geonet UK, a UK Government backed geoscience industry network of 50 leading companies in the UK geoscience business.
The merged company intends to expand its operations in South East Asia out of its Perth, West Australia office and develop a new independent software arm. Millwood Hargrave, and Troy director Mike Dodworth will become joint managing directors and Knowles chairman of the new company.
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