CMG reports progress on the Dynamic reservoir modeling systems (DRMS) project, a joint venture between CMG, Shell and Petrobras to develop a next generation combined reservoir and production system simulator. The project, which has been underway since 2006, recently produced a beta version of the software and is ‘expected to continue until ultimate delivery of the software.’
Last year CMG promoted Rob Eastick to VP and he is to take on the project manager role for DRMS. A ‘limited commercial release’ of the software is expected before the end of calendar 2013 at which time CMG will have exclusive rights to commercialize the software while the other partners will have unlimited software access for internal use. CMG’s 37% stake in the project was estimated at $4.0 million ($2.2 million net of overhead recovery) for the current fiscal year. CMG plans to continue funding its share of the project costs from internally generated cash flows.
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