Statoil, ‘SBED boosts revenue by millions’

Following cash injection, Statoil investors promote Geomodelling technology enthusiastically.

Following its $2.5 million investment in Geomodelling last month, Statoil is now ramping the technology with the enthusiasm of a Texas wildcatter! Trygve Lægreid, advisor to Statoil’s Offtech Invest arm said, ‘Statoil has been using SBED in Norway and internationally. The detailed models contribute to improved oil recovery and provide better estimates of how much oil and gas can be produced from new discoveries. Geomodelling software is used in both exploration and production, and estimates from Statoil’s own operations teams show that they can help to boost revenues by ‘hundreds of millions of Kroner.’

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