Petrobras has elected not to continue funding development of CMG’s CoFlow, a collaborative effort between Shell, Petrobras and CMG to jointly develop a next generation reservoir and production system simulator. The project has been underway since 2006 and is expected to continue until ultimate delivery of the software.
Petrobras’ financial participation in the joint development project ended in December 2016 and the remaining partners’ participation will be sized accordingly.
CMG puts its share of costs associated with the project at $6.5 million CAD for fiscal 2017 and plans to continue funding its share of the project costs through the R12 release. More from CMG.
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