We have taken a strategic step forward by securing a collaboration agreement with Moscow-based Petec Ltd to deliver our software technologies in the Eastern Europe.

AGR already provides well construction and operational project management, reservoir and full-scale engineering consultancy to the North Sea, South Atlantic, Gulf of Mexico, Middle East and Asia Pacific regions. We now aim to further strengthen our position as the preferred software provider to the upstream industry.

As part of this strategy, Petec will be authorised Eastern European distributor of AGR software technologies, which are developed internally by our engineers and incorporate feedback from the industry users.

Petter Mathisen, VP AGR Software, said: “We are very pleased to partner with Petec and be able to offer our software products to clients operating in Eastern Europe.

“We have already established client relations in Russia with Rosneft and Sakhalin Energy using our P1™ risk and performance planning tool.”

About AGR Software

AGR has been developing innovative software tools since early 1990s, while the products were organised into an independent business unit in early 2013.

“Our software solutions are designed to help engineering and management teams within operator, E&P and licensee organisations to achieve greater efficiencies in cost savings and improve operational performance.

“We develop technologies that simplify the automatisation process of well data capture, probabilistic risk/outcome analysis and cost management. The tools can contribute to significant cost savings and increased productivity through optimised processes and improved knowledge management. The purpose of our software solutions is to enable its users to create value from available data,” added Mathisen.

AGR’s current software users include OMV, Shell, DEA, Petronas, and Chevron.

Petec is an oil and gas consultancy, jointly owned by the International Research Institute of Stavanger (IRIS), Norway and regional investors providing geological and operational engineering support on the CIS region.