IHS Markit, Baker Hughes and CMG Form Technology Alliance to Benefit Exploration and Production Firms
Public Company Information:
LONDON--(BUSINESS WIRE)--Business information provider IHS Markit (Nasdaq: INFO), today announced a technology alliance with Baker Hughes Incorporated (NYSE: BSI) and software company CMG (TSX: CMG) aimed at delivering a new level of geoscience analytics and engineering solutions to exploration and production (E&P) customers.
The partnership will give E&Ps a new choice for their integrated workflows by leveraging industry-leading software for geological characterization, reservoir modeling, production data analysis and reservoir flow simulation.
An immediate benefit to customers is the development of collaborative geoscience, reservoir modeling and simulation workflows that use IHS Markit Kingdom®, Baker Hughes JewelSuite™ reservoir modeling software, and CMG’s suite of simulation software. The goal: to deliver new levels of insight and efficiency for integrated geoscience analytics.
“In these times of unprecedented change and uncertainty in the oil and gas industry, our customers want options – not inflexible, closed systems -- to respond to these challenges,” said Russell Roundtree, vice president – geoscience and engineering for IHS Markit. “By integrating technology, driving workflow improvements and augmenting collaboration across vendors, we will expand our clients’ ability to be agile in the face of the industry’s rapid changes.”
Said Martin Brudy, vice president – technical software at Baker Hughes: “In this current economic climate, our customers are asking for products tailored to their needs, with best-in-class technology. The alliance of IHS Markit, Baker Hughes and CMG enables optimal connectivity and provides the industry with adaptable, scalable and extensive solutions.”
“CMG remains focused on delivering efficient workflows, innovative technology and support thereof to our customers,” said Ryan Schneider, chief operating officer for Computer Modelling Group Ltd. “By linking our dynamic reservoir modelling capabilities to geosciences and static modelling, we are improving our customers’ end-to-end asset workflows to better optimize their upside value and manage their downside risk.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. All other company and product names may be trademarks of their respective owners © 2017 IHS Markit Ltd. All rights reserved.
About Baker Hughes (www.bakerhughes.com)
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and gas industry. The company’s 32,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce transport and process hydrocarbon resources.
About CMG: Computer Modelling Group ( www.cmgl.ca )
CMG is a computer software technology company serving the oil and gas industry. The company is a leading supplier of advanced process reservoir modelling software with a blue chip customer base of international oil companies and technology centers in approximately 60 countries. CMG also provides professional services consisting of highly specialized support, consulting, training and contract research activities. CMG has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota and Kuala Lumpur.