Canada-based strategy, planning and reserves solutions provider 3esi-Enersight has acquired reserve management software developer Energy Navigator.
In addition to Value Navigator (Val Nav), Energy Navigator designed the AFE Navigator (AFE Nav) authorisation for expenditure (AFE) workflow, approvals and capital tracking system.
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According to 3esi-Enersight, the acquisition will bring together two technology firms in the petroleum planning and reserves sector.
The companies will collectively provide oil and gas firms 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.
3esi-Enersight CEO Wayne Sim said: "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.
“This acquisition adds the final core capability to a complete solution that we have built over the past decade.”
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By GlobalData3esi-Enersight aims for the complete integration of data and workflows from the reservoir to the boardroom, enabling companies to plan well and respond faster to market and operational volatility.
With the integration of Val Nav and AFE Navigator into its existing solution, 3esi-Enersight intends to close the gap between planning and reserves management.
Val Nav software offers technical reserves evaluation featuring custom decline curve analysis routines and algorithms to forecasting, reserves reconciliation and corporate reserves reporting.
It is claimed that AFE Nav software enables companies to avoid cost overruns while ensuring faster approval times for capital expenditures by up to 75% when compared with existing systems.
