Press Releases:
Schlumberger Acquires Key Technology for Production Volumes Management from Quorum Business Solutions
Schlumberger and Quorum Business Solutions Combine Upstream Operations and Production Accounting Strengths to Deliver Innovative Digital Oilfield Solutions
Houston – June 28, 2006. Schlumberger Information Solutions (SIS) and Quorum Business Solutions (Quorum) announced today that SIS has acquired the rights to the Quorum Volume Management (QVM) software. QVM is a comprehensive, field operations data management application with multiple proven heavy oil volume management installations in North America and a large scale brownfield installation in Asia.
"The Digital Oilfield can only be delivered through the integration of innovative technologies that span the entire oilfield life cycle," said Olivier Le Peuch, president, SIS. "The acquisition of the QVM technology supports our vision of the digital oilfield by expanding our portfolio beyond conventional industry offerings to include production operations, engineering, management and accounting."
Under the terms of the agreement, SIS acquires all rights to the QVM software solution as well as key development personnel. SIS will develop its next-generation production volumes management solution upon the QVM technology foundation and will partner with Quorum to integrate with accounting workflows.
"Quorum is focusing its efforts on delivering best-in-class back-office software solutions and will retain the portfolio of production and revenue accounting tools," said Paul Weidman, CEO of Quorum. "We are excited to partner with Schlumberger to offer for the first time in our industry the ability to streamline business processes all the way from field operations through production accounting."
"SIS is well on the path to delivering a comprehensive next-generation production solution to its customers and is investing in a number of technologies to accelerate these efforts. The QVM software is compatible with our next-generation technology framework and is open-standards based. The Quorum partnership will accelerate our strategic initiative to deliver a complete production offering that integrates with back office operations," said Le Peuch.
About Schlumberger
Schlumberger is the world's leading oilfield services company supplying technology, information solutions and integrated project management that optimize reservoir performance for customers working in the oil and gas industry. The company employs more than 64,000 people of over 140 nationalities working in more than 80 countries. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation evaluation; well testing and directional drilling to well cementing and stimulation; artificial lift and well completions; and consulting, software and information management. In 2005, Schlumberger operating revenue was $14.31 billion. For more information, visit www.SLB.com.
About Quorum Business Solutions, Inc.
Quorum Business Solutions, Inc. is a product-centered consulting company that develops, implements, and supports a suite of business software solutions for the energy industry with a unique approach to providing a longer product life span. Founded in 1998, Quorum now has over 200 staff operating out of offices in Houston, Dallas, and Calgary. Quorum has over 45 clients, among which 25 Fortune 500 Companies are represented.
The Quorum Energy Software Suite is a set of integrated business applications designed for companies that produce, gather, transport, process and market oil, natural gas and other energy commodities. The inherent integration of the suite allows the products to work together to facilitate straight through processing.
For more information, visit Quorum’s web site at www.qbsol.com or call 713-430-8601.
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