Petrel deal ‘revealed’

Norwegian press reports put a $140 million price tag on Petrel—a figure denied by the parties. Schlumberger unveils a ‘hands-off’ approach to Petrel integration.

Øystein Byberg writing in the Norwegian Hegnar Online (HO) offers this inside track on the Petrel acquisition by Schlumberger. The overall sale price according to HO was a whopping $140 million – a figure which was subsequently denied by Petrel although no other numbers were forthcoming. Interestingly, Petrel revenues for 2001 according to HO were 142 million Kroner (about $ 20 million).


In a joint statement to clients, Petrel and Schlumberger revealed a roadmap for Petrel within SIS. Petrel is considered as ‘new core technology’ in the SIS product portfolio and will be supprted as a separate product line. Petrel will be the ‘cornerstone’ of Schlumberger’s PC technology offering. All available resources will be directed at maintaining Petrel’s unique position as ‘a responsive supplier of exciting and intuitive technology and enhanced workflows.’


Petrel Workflow Tools will be an independent portfolio in SIS, headed by Jan Grimnes. Grimes will have full autonomy on product direction, product development and pricing. Petrel is said to have reached a stage where further development will benefit from access to Schlumberger’s in-depth expertise in ‘bordering technologies’.

The Living Model

These will be ‘critical’ as Petrel responds to the future requirement for real time reservoir management, in the shape of SIS’ ‘Living Model’. The bordering technologies will include faster data handling and model updates to underpin decision making. Petrel will assist in SIS’ push to ‘eliminate the traditional barriers between geophysics, geology and reservoir engineering’ and to create the ‘ultimate asset team solution’.

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