Faroe Petroleum Engages Palantir to Deliver Consolidated View of International Assets
LONDON, July 11, 2013 /PRNewswire/ --
Palantir Solutions, the leading provider of integrated dynamic planning solutions for the upstream oil and gas industry has been engaged by Faroe Petroleum to provide an economic modelling solution. Palantir software was chosen to help the oil and gas company achieve a consolidated view of its international asset portfolio and deliver an improved economic and financial forecasting workflow.
Senior Vice President at Palantir, Kirk Hanes said "By implementing Palantir's software, Faroe petroleum is already seeing the benefits of an on-demand, consolidated view of its portfolio. This helps the business to effectively compare various investment strategies and improves confidence in its investment decisions."
Previously Faroe Petroleum had used spreadsheets to calculate economic evaluations and for financial planning which meant that Faroe analysts were spending significant time collecting and qualifying data, creating and updating fiscal models and building reports and charts. The solution implemented by Faroe Petroleum ensures a consistent and standardised approach incorporating two of Palantir's core software products: PalantirCASH for petroleum economics and PalantirFINANCIALS for financial forecasting. Since the implementation, Faroe has been able to compare and consider different investment approaches by quickly and accurately evaluating potential acquisition targets.
Faroe's Tor Eirik Medbøen, Group Manager, Economics and Planning said "For Faroe Petroleum it was important to secure consistency between the inputs used in economic modelling and financial forecasting. This is ensured through the integration of PalantirCASH and PalantirFINANCIALS. The hierarchy structure of the models also allows the user to analyse large amounts of data in an efficient manner."
Notes to Editors:
Faroe Petroleum is an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway. Faroe Petroleum is quoted on the AIM Market of London Stock Exchange plc with offices in Aberdeen, Stavanger, London and Torshavn.
About Palantir Solutions:
Palantir Solutions is a leading, global provider of integrated, dynamic planning software and services to the upstream oil and gas industry. Palantir's range of solutions and consulting services transform business planning by connecting technologies, functions and processes across the enterprise to enable faster decision-making based on trusted data.
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SOURCE Palantir Solutions