2010-09-28-2010-09-24-2010-09-24

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
MM
Description

Acquired petroleum systems modeling software and services company, providing exploration risk technology for developing deepwater, sub-salt and unconventional resource plays.

Halliburton, Houston, (NYSE: HAL) has acquired Permedia Research Group, industry leading suppliers of petroleum systems modeling software and services. Permedia's tools and expertise enable oil and gas companies to better assess exploration risk and manage the cost of developing deepwater, sub-salt and unconventional resource plays. Permedia will become an integral part of the Landmark Software and Services business line.

"The Permedia acquisition builds on our strategy to deliver integrated and differentiated basin-to-reservoir scale solutions and will provide our customers with a better understanding of hydrocarbon generation, migration and trapping mechanisms," says Gene Minnich, vice president, Landmark Software and Services. "Combined with Halliburton's leadership in deepwater exploration and unconventional resource plays, Permedia's tools and expertise will enable customers to dramatically improve their understanding of hydrocarbon potential and ultimately enhance their exploration and production success."

Founded in 1998 in Ottawa, Canada, Permedia is the leading provider of petroleum systems analysis software, with emphasis on fast, high-resolution simulation of petroleum fluid flow within basin scale models and their relationships with reservoir fluid compositions, trap timing, trap filling and hydrocarbon type.

Permedia has developed the industry-leading MPath petroleum systems analysis software that includes petroleum basin modeling, petroleum migration, reservoir fluid mixing, reservoir filling and production simulators in a single easy-to-use package that includes visualization and post-processing capabilities.

"This is an exciting opportunity for our customers and my research team," says Dan Carruthers, Permedia president. "As part of Halliburton, we will work closely with technologists from across the company to introduce products in the areas of exploration modeling, CO2 sequestration, and pore pressure prediction. I'm looking forward to making petroleum systems modeling techniques a standard interpretation process via integration with DecisionSpace Desktop and the OpenWorks project database."

Halliburton is one of the world's largest providers of products and services to the energy industry.