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The integrated business planning product is tailored to the industry and will be marketed directly by Schlumberger.

By Callum Cyrus

Quorum Software has signed an agreement with oilfield service giant Schlumberger to deliver business planning and economics software tailored to petroleum industry management tasks.

Quorum, which announced the news June 30, says its Planning Space software product will be integrated as part of Schlumberger's oilfield development planning tech solution, FDPlan.

Planning Space will act as the petroleum economics software engine for the new product. At the heart of the software is an existing Schlumberger E&P operations software framework known as DELFI, which uses cognitive principles to unite data from across the life cycle of an E&P project in the cloud, meaning the software can be accessed remotely. 

The FDPlan product empowered by Planning Space will be marketed directly by Schlumberger to its oilfield services clients.

As part of the agreement, Quorum will also acquire Schlumberger's industry planning, risk and oil inventory software platform, Merak.

Company officials say the partnership is already working with multiple "major" energy firms to explore the benefits of using their business planning software.

Trygve Randen, director of digital subsurface solutions at Schlumberger, said: "The partnership between Quorum and Schlumberger will enable our customers to seamlessly integrate cross-functional data and workflows to accelerate planning, operational and boardroom decision making.

"By integrating the DELFI environment and domain workflows with Quorum's business planning solutions, we enable an industry-first, truly integrated experience that connects all functions in the enterprise."

Gene Austin, CEO of Quorum, said: "Quorum and Schlumberger have built long-lasting relationships with their customers and partners through decades of working with the energy industry.

"By bringing together our market-leading scheduling and economics solutions, customers around the world will have access to the most comprehensive technology ecosystem in the industry, supported by our team of energy experts."