Landmark Graphics has signed a five-year technology access agreement with the Kuwait Oil Company. The five-year agreement for the application of technology to improve business processes in the exploration for oil and gas creates a strategic relationship between the two companies.
This agreement gives the KOC organization access to Landmark's full suite of geophysical, geological, reservoir management, project data management and economic modeling technologies as well as Landmark's on-site technical support and project consulting services. Integrating these solutions is intended to enable KOC to extract more value from their subsurface data and enhance their ability to find and produce hydrocarbons.
"We're extremely pleased to have formed this strategic relationship with the Kuwait Oil Company, the first of its kind with a national oil company in the Middle East," said Andy Lane, Landmark's president and CEO. "This technology agreement will provide KOC with access to a fully integrated, state-of-the-art software suite that will enable their geoscientists and engineers to analyze opportunities quickly and efficiently."
"The Kuwait Oil Company's mission is to explore, develop and produce Kuwait's hydrocarbon reserves by using the most efficient and economic means available," said Mr. Ahmad Al-Arbeed, KOC's chairman and managing director. "Through this partnership with Landmark and open access to this leading technology, KOC will ensure that we continue to be one of the most efficient managers of hydrocarbons in the region and one of the lowest-cost oil producing companies in the world."