Frame agreement with Statoil (now Equinor)

Powersim Software AS signs agreement with Statoil ASA, now Equinor ASA.


PRESS RELEASE

The Powersim Software AS offices are located at Litleåsvegen 79 in Åsane, Bergen, Norway. The company was founded in 2002.

On Friday, 27 April 2018, Powersim Software AS (hereinafter called “Powersim”) and Statoil ASA signed an agreement that entitles Powersim to continue developing and to sell the production forecasting tool pForecast. Powersim’s framework agreement with Statoil was also extended.

This is a big day for Powersim, which now has the opportunity to sell the forecasting tool to 27 other operators on the Norwegian continental shelf, as well as to international players. The revenue potential is huge. A single major operator would mean sales revenue of NOK 7 million, in addition to annual maintenance income of NOK 3 million.

pForecast is a forecasting tool that Powersim has developed in close collaboration with Statoil. The tool is implemented in Powersim’s OEM software Powersim Studio, to which the company holds the IP rights. Powersim Studio is a modelling and simulation tool based on system dynamics. The tool is particularly well suited to analysing complex systems and to handling large volumes of data in multiple dimensions.

Digitalisation of forecasting processes:

  • Simple and flexible updating of production forecasts when conditions change. Provides the company with a continuous overview of its own assets.
  • Efficient processing of uncertainty in production data. For example, the Norwegian Petroleum Directorate (OD) requires companies to submit estimates with high, low and expected values.
  • Simplification and quality assurance of the process concerning reporting petroleum production for the revised national budget (RNB).
  • Provides a data basis for reporting to the New York Stock Exchange.

The following quote explains why Statoil chose a solution based on Powersim Studio:

Frank Fosse, Project Manager, Statoil: “Uncertainty analyses of production forecasts are commonly used within the oil and gas sector. The unique feature of the Powersim Studio solution is that uncertainties are considered an integral part of the forecasting work, and that it is extremely simple to change assumptions and see the effects of the change immediately.”

For additional information about the agreement and the company, contact:

Tone Haveland, CEO, +47 95 94 87 74 (Mobile)

Bjørn Arild Baugstø, Development Director, +47 90 67 66 27 (Mobile)

 

 

 


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