31st October 2017, Houston
Lloyd’s Register (LR), the leading provider of engineering and technology-centric professional services, has signed an agreement with IHS Markit (NASDAQ: INFO), a world leader in critical information, analytics and solutions. The collaboration marks the beginning of a new journey for both companies to deliver powerful, collaborative sub-surface tools to the E&P market through the IHS Markit product Kingdom®.
The continued drive for efficient extraction of unconventional hydrocarbons has focussed the IHS Markit and LR collaboration to integrate their respective existing products into a single platform, enabling a multidisciplinary approach to sub-surface insight.
Under the agreement, IHS Markit and LR are establishing a clear leadership among sub-surface technology providers, whilst supporting lower total cost of ownership and enhancing productivity for smaller and more agile sub-surface teams.
“I can truly say that our collaboration with IHS Markit is based on the demands of many of our important clients who would like to see closer integration of both our company’s’ software,” says Derek Crombie, LR VP Software & Product Development. “The combination of Kingdom® and IP™ shows our collective commitment to continue to deliver flexible, collaborative software tools, giving our clients greater visibility and control to enable more confident decision making. This solution extends the reach of our existing market channels. Our combined expertise differentiates us, as does the deep science capability and functionality behind our respective solutions. We are at the start of an exciting collaborative journey and a broader strategic partnership is planned for the future. We are hugely proud to be working with IHS Markit.
Russell Roundtree, IHS Markit VP of Analytics, says: “We are excited to announce that Lloyd’s Register (LR) and IHS Markit will collaborate to create a new module—“Kingdom Petrophysics,” which is scheduled for release in 2018. LR will embed a subset of their petrophysical toolkit into Kingdom, giving users access to LR’s industry leading technology. The new module will offer features such as higher multi-zone productivity and an advanced iterative petrophysical solution extending the deep science reach of IP to Kingdom users, which will be ready for sale later in 2018. In addition, a free version will be offered to Kingdom users to replace the existing Kingdom petrophysical technology. This collaboration will provide users access to advancements in science for unconventional formation evaluation as well as tight, application-level integration.”
The aim of the alliance between the two organisations is to provide an antidote to traditional siloed working environments by delivering a platform that encourages collaboration between subsurface disciplines. The more comprehensive analysis capabilities offered through the Kingdom Petrophysics module will help the asset teams provide the best technical answers and, ultimately, more confident decision making. In addition, the integration of subsurface sciences is the key to unlocking reservoir potential and cost savings.
Confident Decision Making
Under the Lloyds Register and IHS Markit collaboration agreement, both companies will pursue a variety of joint marketing activities to promote the adoption of the technologies developed together.
LR and IHS Markit look forward to delivering additional software integration advancements during the coming years.