PDVSA unit Citgo Petroleum Corp., a major U.S. petroleum refiner and marketer, has signed a multi-year, corporate-wide license for Aspen Technology’s PetroVantage (PV) collaborative trading and logistics software. The agreement coincides with the release of Version 2.0 of the PetroVantage, a component of AspenTech’s end-to-end supply chain solution for the petroleum industry. Citgo will deploy the software across its trading and logistics office in Tulsa, as well as in its refineries and product terminals, to increase profitability by improving decision making and coordinating its products, feedstocks, and crude oil trading and logistics operations.
Whitney
Citgo General Manager Herb Whitney said, “PV demonstrated value during our initial deployment within the products trading group. We will leverage PV on a corporate level to improve our ability to identify and evaluate opportunities, leverage more of our assets and markets, and respond more quickly to unplanned events.”
PV 2.0
PV 2.0 allows traders to consider all of the implications of trading, transportation, and logistics decisions, and to coordinate and synchronize related activities (see our interview with Wayne Bartel in this issue). PV 2.0 provides the commercial team with tools that address the complex issues like work process coordination, data aggregation and management, and decision analysis.
Upstream
Aspen Technology acquired Calgary-based Hyprotech from AEA Technology earlier this year for $ 99 million cash. Hyprotech software helps companies model fluid flow in surface production facilities. Hyprotech launched a joint venture with Schlumberger unit Baker-Jardine last year (Oil IT Journal Vol. 6 N° 4) to integrate facilities modeling with the reservoir simulator. ARC Advisory Group recently estimated the market for such solutions at around $1 billion annually.
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