HOUSTON, Sept. 23, 2013 /PRNewswire/ -- Paradigm® (www.pdgm.com) and Repsol Sinopec announced that Repsol Sinopec (www.repsolsinopec.com.br) has adopted Paradigm software solutions and services for its major exploration projects in the Campos Basin offshore Brazil. The agreement provides licenses for the Paradigm interpretation software suite SeisEarth®, which includes such industry-leading applications as VoxelGeo® and Stratimagic®, as well as the Epos® data management and interoperability system. The announcement was made at the Society of Exploration Geophysicists International Exposition and 83rd Annual Meeting in Houston, Texas.
Repsol Sinopec chose Paradigm following an intensive evaluation process, in which the company's software was measured against Repsol Sinopec's exploration and production requirements. "Our projects are carried out in very deep water in the pre-salt Campos Basin", said Diana Sineva, exploration geophysicist at Repsol Sinopec. "In such a geologically complex environment, we need advanced and powerful interpretation and modeling solutions. After evaluating the software, we concluded that Paradigm's applications would give us the most accurate results in the shortest amount of time."
Repsol Sinopec, a joint Spanish-Chinese venture established in 2010, is one of the largest energy companies in Latin America. Its diversified portfolio of assets includes one producing field, eight discoveries, and other exploratory projects. The venture recently announced a major hydrocarbon reserve discovery in the Campos Basin, off Brazil's southeastern coast. This was one of the top five discoveries in the world in 2012, with an estimated recoverable volume of at least 1.2 billion barrels of oil and gas.
"We are delighted that Repsol Sinopec has chosen Paradigm as its interpretation and modeling software provider", said Paradigm Brazil Country Manager Dayse Netto. "Paradigm products are designed to offer optimal productivity without compromising result accuracy. Our team will work closely with Repsol Sinopec to ensure they gain maximum information from their data, giving them the confidence they need when drilling in this very challenging environment."
Repsol Sinopec's exploration asset teams are expected to use the Paradigm software in the coming months, in their development of the Pao de Acucar (Sugar Loaf) well in the Campos Basin.
Paradigm (www.pdgm.com) is the largest independent developer of software-enabled solutions to the global oil and gas industry. Paradigm's easy-to-use technology and workflows provide customers with deeper insight into the subsurface by combining leading-edge science, high-performance desktop and cluster computing, and scalable data management, delivering highly accurate results and productivity without compromise.
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About Repsol Sinopec Brasil
Repsol Sinopec is one of the leading energy companies in exploration and production of oil and gas in Brazil. Since 1997 in the country, the company became one of the largest energy companies in Latin America, being one of the first to produce in the pre-salt, the Sapinhoa mega-field, in the Santos basin.
In 2012, Repsol Sinopec was responsible for the greatest discovery ever made by a private oil company in Brazil: the Pao de Acucar well, in block BM-C-33, in the pre-salt of Campos Basin, which had already been discovered Seat and Gavea wells. Altogether, it is estimated that the three reservoirs contain over 700 million barrels of extremely light oil (41° API) and 3 trillion cubic feet of gas (equivalent to 545 million oil barrels).
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