Statoil has selected GeoKnowledge’s ‘GeoX’ risking software for analysis of seismic direct hydrocarbon indicators. Statoil has selected GeoX for company-wide implementation. GeoX uses Bayesian statistical analysis of seismic anomalies to determine the likelihood of success before drilling. Statoil reached its decision after testing of other techniques and an in-depth review of GeoX’s technology.
Statoil advisor Hans Martin Veding said, “We sected GeoX because it is mathematically rigorous and consistent with our prospect risking methodology. Users find the software easy to use and transparent. A major learning has been that GeoX has forced us to focus on alternative explanations for seismic anomalies. This helps avoid ‘success case bias’.
GeoKnowledge CEO Charles Stabell added, “GeoX evolves in response to customer demand. We are pleased that Statoil has chosen to extend its use of GeoX and look forward to continued cooperation on the effective use of our tools.” More from www.geoknowledge.com.
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