AMSTERDAM, NETHERLANDS — (Marketwired) — 10/27/14 — Computer Modelling Group Ltd. (TSX: CMG), the leading developer of reservoir simulation software, unveils CoFlow – an integrated reservoir and production system modelling application – at the Society of Petroleum Engineers (SPE) Annual Technical Conference and Exhibition (ATCE) in Amsterdam, Netherlands. Progress demonstrations are provided Monday to Wednesday, October 27-29, 2014, at Booth 1413 at the RAI exhibition center.
For the past eight years, CMG, Petroleo Brasileiro S.A. (Petrobras) and Shell International Exploration and Production BV (Shell) have made significant contributions to and engaged in a joint development effort on the Dynamic Reservoir Modelling System (DRMS) project. This ongoing project has enabled CMG to develop CoFlow while employing continual industry input.
CoFlow will result in superior engineering decisions for high-stakes offshore developments and reduce the time from concept to field implementation. Where offshore field development planning projects can take more than a year, providing better engineering and reducing the time-to-answer will provide operators with higher economic value, earlier time-to-positive-cashflow, and lower overall risk. With CoFlow, users gain significant new capabilities:
“CoFlow sets a new standard in the oil and gas industry, as no other software integrates three engineering disciplines into one collaborative, team-oriented, multi-fidelity modelling tool,” says Kenneth Dedeluk, CMG President and CEO. CoFlow has been successfully validated on a three-reservoir, deep water field producing different fluids to a single offshore platform.
CoFlow will complement the current CMG product suite, which includes a workflow, assisted-history-matching and optimization tool (CMOST), reservoir simulators (STARS, GEM, IMEX) and pre- and post-processing applications. The latest version of CoFlow, R10, is planned for release to Shell and Petrobras business units in the second half of calendar 2015, for application in additional, selected target assets. CMG–s short-term focus is on driving successful adoption of CoFlow within both Shell and Petrobras and, over the next few years, CMG expects to work with select customers to evaluate additional candidate assets as input for CoFlow–s R11 and future versions. Commercial release to additional customers is likely several years or releases in the future.
Effective immediately, Rob Eastick formerly Vice President, DRMS Development will now be Vice President, CoFlow.
Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas, Dubai, Bogota and Kuala Lumpur. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in over 50 countries. The Company–s shares are listed on the Toronto Stock Exchange under the trading symbol “CMG.”
Contacts:
Computer Modelling Group Ltd.
Kenneth M. Dedeluk
President & CEO
(403) 531-1300
Computer Modelling Group Ltd.
Ryan Schneider
Vice President, Marketing & Canadian Sales
(403) 531-1300
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