Roxar
announces major Russian expansion
Posted: 08 June 2004
Roxar, a leading technology solutions
provider to the upstream oil and gas industry, today announced
that it will be expanding its operations throughout Russia and
neighboring CIS countries through the opening of new offices in
Kazakhstan and Tyumen.
The expansion will see Roxar almost treble its workforce in its
Moscow office as well as in the regional offices in Kazakhstan
and Tyumen. Roxar’s target customer base will continue to
be Russian & CIS companies and multinationals operating in
Russia & the CIS with the product focus being Roxar’s
software and flow measurement tools for the E&P (Exploration & Production)
industry.
Dimitry Bolotnik, head of Roxar’s Moscow office, said: “We
believe there are significant opportunities for Roxar in the Russian
market. With Russian companies and multinational oil companies
looking to ever more sophisticated exploration and production technologies
to increase oil and gas recovery and shorten the discovery to production
lifecycle, there is no better time for Roxar to consolidate its
presence and grow its market share in this vital region.”
Since it started operating in Russia in 1998, Roxar has become
one of the leading suppliers of reservoir modeling software to
the national oil and gas industry with more than 400 installations
in Russia and the CIS. Customers include leading oil companies,
TNK-BP, Lukoil, Bashneft, Sibneft, Tatneft and Zarubejneft.
In addition to maintaining and developing its business in Russia,
Roxar is playing a major role in educating petroleum geologists
through its partnership with the I.M. Gubkin State University for
Oil and Gas – the largest education centre for the Russian
petroleum industry with more than 7000 students. Roxar is also
providing support to some of Russia’s leading universities,
including Moscow State University and Tyumen State University.
Through the partnership, students will have access to Roxar’s
software products.
In the last few years, Azerbaijan, Kazakhstan, Turkmenistan, and
Russia have made rapid progress in exploring and developing their
offshore oil reserves. Oil production has increased for the past
three years with Russia registering a seven per cent increase and
Kazahkstan more than doubling its oil production over the past
seven years.
The increase in production has coincided with an increase in E&P
investment by Russia’s oil companies with Lukoil, Yukos and
TNK all planning significant increases. Russia's production capacity
is forecast to peak at 12 million b/d (barrels per day) by 2010.
About Roxar
Roxar is a leading international technology solutions provider
to the upstream oil and gas industry. The company creates value
for its customers through innovative products and services that
help optimize production and maximize recovery from oil and gas
reservoirs.
With its head offices in Stavanger, Norway, Roxar employs 400
staff across a network of wholly owned offices in Europe, the Americas,
Africa, Asia Pacific and the Middle East. Founded in May 1999,
the company generated revenues of US$85 million in 2003. Roxar’s
International customer base includes all of the multinationals,
major independents and the majority of national oil companies.
For more infoprmation see www.roxar.com
Posted by Richard Price,
Editor Pipeline Magazine
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