(MUMBAI, India: Dec. 5, 2007) Paradigm (
www.pdgm.com), a leading provider of enterprise software solutions to the global oil and natural gas exploration and production industry, today announced that it has agreed to provide Oil and Natural Gas Corporation Limited (ONGC) (
www.ongcindia.com), India's national oil company, with a central server license for all Paradigm Interpretation, Modeling, Reservoir Characterization, Well Planning and Drilling software solutions, including GOCAD®.
The $3 million (USD) agreement marks the first deployment of geotechnical and geoenvironmental software licenses on a central server for India-wide use. A separate maintenance and support contract is currently being negotiated.
“Providing enterprise-wide access to Paradigm’s sophisticated exploration tools to all 27 of ONGC’s geographically dispersed centers builds on the already significant installed base of our users,” said Jorge Machnizh, Paradigm COO. “We are pleased to provide ONGC with this cost-effective answer to its development needs and continue our partnership within India and beyond.”
According to Mr. D.K. Pande, director (Exploration), ONGC, the investment in the central server license supports the company’s dedication to exploration excellence. “We are leveraging competitive advantages in R&D and technology with integrated and enterprise-level software including that from Paradigm,” said Pande. “Cost-effective, real-time access to these tools will provide a valuable link throughout all exploration sectors of our corporation. This move aligns with our mission to focus on building domestic and international oil and gas exploration and production business opportunities.”
About Paradigm™Paradigm Geophysical (India) Private Ltd. (
www.pdgm.com), a leader in the digital subsurface asset management industry, helps global oil and gas companies locate new reserves and optimize production in complex geological areas. Paradigm’s technology advances the science of hydrocarbon detection with solutions in seismic data processing and subsurface imaging, prospect interpretation and modeling, reservoir characterization, and well planning and drilling. These exploration and production solutions operate in an open environment with connectivity to third-party data stores to accelerate project creation and turnaround. Paradigm has a global network of sales, services and user support, serving major oil and gas producing regions around the world. For additional information visit Paradigm’s website at
www.pdgm.com.
The following are trademarks or registered trademarks of Paradigm B.V. or of its affiliates (collectively, “Paradigm”): Paradigm™, Paradigm logo and/or other Paradigm products referenced herein. All other trademarks are owned by their respective owners.
About ONGC Oil and Natural Gas Corporation Limited (ONGC) (
www.ongcindia.com) is an oil and gas company engaged in exploration and production activities both onshore and offshore. The company is venturing out to other areas, such as deepwater exploration and drilling, exploration in frontier basins, marginal field development, optimization of field development plan field recovery and other allied areas of service sector. The company has in its credit, discovery of hydrocarbons in deep as well as ultra deep water. ONGC owns and operates more than 11,000 kilometers of pipelines in India, including nearly 3,200 kilometers of sub-sea pipelines. It has a 71.6% equity stake in the Mangalore Refinery & Petrochemicals Limited, and a 23% stake in the 364-kilometer long Mangalore-Hasan-Bangalore product pipeline, connecting the refinery to Karnataka. ONGC has participating interest in LNG, power, wind energy and SEZ. ONGC has also ventured into coal bed methane and underground coal gasification. ONGC's overseas arm, ONGC Videsh Limited, has acquired 20 properties in 16 foreign countries. In June 2007, ONGC found gas in an exploration block in the northeastern state of Tripura.
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