Landmark is working with Petroleum Place to provide upstream acquisition and divestment users with electronic data rooms. Petroleum Place provides Internet-enabled products and services, supporting online oil and gas asset evaluation, disposal and enterprise resource planning solutions.
Landmark’s OpenJournal will be the key technology behind the new initiative. The development will enable customers to securely upload Landmark Graphics and GeoGraphix project data, to create electronic data rooms on the Petroleum Place Web site.
John Gibson, Landmark president and CEO said, “This joint development is one of the first major initiatives to deliver business process efficiencies for oil and gas property acquisition and divestiture that comes as a result of the worldwide strategic alliance between the two companies”. Landmark’s OpenJournal documentation product will enable customers to upload asset information to an electronic data room hosted on Petroleum Place. An OpenJournal template, developed to provide a standard format for listing assets, is said to expedite the information gathering process.
Petroleum Place president Gary Vickers added “This development will bring significant efficiencies to sellers, and will enable prospective buyers to leverage their analytical expertise and speed up evaluation of properties listed on Petroleum Place.” The added functionality will be released with OpenJournal V 2.0 in March.
To an extent, Halliburton is playing catch-up with Schlumberger in upstream e-business. IndigoPool already offers application service provision of GeoQuest products. But from the content standpoint, Petroleum Place’s website (www.petroleumplace.com) is the daddy of them all, having been in operation since 1995.
Petroleum Place is hedging its bets with regard to e-commerce and still holds traditional and hybrid property auctions through its wholly owned Oil and Gas Asset Clearinghouse unit (see page 11). Last year, Landmark parent company Halliburton acquired a 15% interest in Petroleum Place for $55 million.
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