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Roxar has also been using its success to invest back into the region, transferring knowledge and growing and nurturing talent in Asia Pacific's oil and gas industry.
For example, on December 17, 2008, Roxar signed a Memorandum of Understanding (MOU) with Universitas Padjadjaran (UNPAD) in Bandung, Indonesia with executive management from BP-Migas, Indonesia's upstream oil and gas regulator, and the Norwegian Ambassador to Indonesia attending the ceremony.
Last month, Roxar signed a similar MOU with the Hanoi University of Mining and Geology (HUMG) in Vietnam, which will see the establishment of a laboratory at the university with Roxar donating US$2.5 million of software for academic use.
In the past, agreements have also been signed with the University of Adelaide in South Australia and Curtin University in Western Australia.
In the first quarter of 2008, Roxar signed a contract to provide its full suite of reservoir management software solutions to PETRONAS Carigali Sdn Bhd, the exploration and production arm of PETRONAS, Malaysia's national petroleum corporation. The contract will have an estimated value of US$10 million over a three year period.
Roxar has also received strong endorsements from National Oil Companies (NOCs) in both China and Vietnam which have translated into high value contracts. Roxar's customer base in the Asia Pacific region now includes over 100 international and national E&P companies.
Roxar is also seeing its assisted history matching solution EnABLE being implemented in the Australian market as witnessed by a recent contract for multiple licenses worth over US$500,000 to a leading Australian E&P company operating out of East Coast Australia.
"Our contract with PETRONAS Carigali Sdn Bhd is another major milestone for Roxar in the Asia Pacific," Roxar CEO Gunnar Hviding said.
"Asia is today one of the world's most exciting oil and gas markets. Roxar is determined to be the technology provider of choice to operators in the Asia Pacific, demonstrating both our long-commitment to the region through our partnership with academic institutions, and our complete understanding of the market needs of our customers," he said.
(ANTARA)
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