Acquisition signals an evolution in the way companies plan and manage core assets
Calgary, AB -- (ReleaseWire) -- 06/27/2017 --3esi-Enersight, the oil and gas industry's leading provider of solutions for integrated strategy, planning and reserves today announced it has acquired Energy Navigator.
Energy Navigator is the creator of Value Navigator (Val Nav), the industry's most trusted reserves evaluation and management software, and AFE Navigator (AFE Nav), the market leading AFE workflow, approvals and capital tracking system.
The acquisition brings together two technology pioneers and thought leaders in the petroleum planning and reserves space and signals an evolution in the way companies plan and manage their core assets. The new 3esi-Enersight solution will provide the world's oil and gas companies with a unified view of their data, workflows and assets while ensuring that reserves management and asset level decisions are closely linked to corporate level strategy and planning. The result will be significantly improved short-term results and long-term value creation.
"Our industry has evolved significantly, especially in the past few years of economic turmoil. It is vital for companies to ensure that all operational decisions align with corporate-level priorities, of which reserves and technical evaluations are a critical component," said Wayne Sim, CEO of 3esi-Enersight. "3esi-Enersight's vision for the petroleum industry is the complete integration of data and workflows from the reservoir to the boardroom, enabling companies to plan more effectively and respond faster to market and operational volatility. This acquisition adds the final core capability to a complete solution that we have built over the past decade. It also unites two teams of respected experts in the field who will provide a combination of software, service and expertise that is unmatched in the industry."
From technical reserves evaluation featuring custom decline curve analysis routines and algorithms to forecasting, reserves reconciliation and corporate reserves reporting, Energy Navigator's Val Nav Engineering and Reserves software is already considered by many operators as the most complete and innovative reserves management solution available today.
Energy Navigator's AFE Nav software is the most advanced AFE workflow and approvals tool in the industry, helping companies improve spending controls and avoid cost overruns while accelerating approval times for capital expenditures by up to 75% over existing systems.
By seamlessly integrating Val Nav and AFE Nav capabilities into their market leading solution for integrated strategy, planning and execution, 3esi-Enersight promises to close the gap between planning and reserves management, providing a single source of truth for petroleum company value and plans for growth.
"The Energy Navigator team is excited to join the 3esi-Enersight family," said Energy Navigator President Boyd Russell. "Our leadership teams and our talented employees share a similar culture and vision. For the Energy Navigator team, this is an opportunity to continue delivering on our promise of 'A Better Way' – giving our clients access to more integrated tools with which to make better decisions. I look forward to seeing how our combined talents will continue to transform the industry."
Financial details of the acquisition were not disclosed.
3esi-Enersight is the E&P industry's leading provider of solutions for integrated strategy, planning and reserves, trusted by thousands of executives and technical decision makers in companies that include NOC's, Super Majors, Emerging Operators, investors and consultants. From corporate strategy and planning to operations, capital management and reserves, 3esi-Enersight solutions are deployed in every region of the globe, helping customers make better investment decisions across conventional, unconventional, onshore and offshore assets.
With over 400 customers worldwide, no other solution provider is trusted by more oil and gas companies to deliver the reserves evaluations they rely on and the petroleum investment plans critical to shareholders' success.
What makes 3esi-Enersight the global leader?
Unmatched Industry Expertise - 3esi-Enersight delivers deep industry expertise including relevant firsthand experience in E&P strategy, planning, development, capital management, economic evaluation and reserves.
World Class Service - The global 3esi-Enersight team possesses a passion for long-term customer success, exceptional technical knowledge and proven experience designing, implementing and integrating a broad range of software solutions for the E&P industry.
Complete Integrated Solution - 3esi-Enersight helps companies eliminate data re-entry, missing data, re-work, and duplicated efforts by integrating all data and workflows so engineers and planners can focus their time on analysis and decision-making. 3esi-Enersight's integrated solution includes:
Strategy & Portfolio - Strategy Evaluation, Portfolio Optimization, and Uncertainty Analysis.
Business Planning – Long Range Planning, Corporate Consolidation, Look-backs and Latest Estimates.
Asset Development – Field Development Planning, Surface Network Modelling, Operational Scheduling and
Capital Management – Budgeting & Reforecasting; AFE Workflows; Readiness Workflows and Capital Tracking.
Reserves Management – Reserves Estimation & Decline Curve Analysis, Reserves Reconciliation, Reserves Classification & Regulatory Reporting
Petroleum Economics & Fiscal Regimes – Economic evaluation, Incremental Economics and fully transparent, auditable Economic Fiscal Regimes
For more information please visit 3esi-Enersight.com.