Baker Hughes Acquires Reservoir Modeling Software Developer
JOA JewelSuite software provides a seismic-to-simulation reservoir integration platform for all Baker Hughes technology offerings HOUSTON, TX - October 7, 2010 - Baker Hughes (NYSE: BHI), announced today that its subsidiary has acquired the remaining interest in oil & gas reservoir modeling software developer JOA Oil & Gas BV, which owns and develops software for technical, scientific, and exploration and production applications. Baker Hughes Nederland Holdings acquired 40% of JOA Oil & Gas in 2009.
JOA Oil & Gas is the developer of JewelSuiteTM software, an integrated reservoir modeling tool that uses patented 3-D gridding technology to build accurate reservoir models for fields with complex geology. The JewelSuite software platform also provides connectivity between the generated models and reservoir simulators - a capability designed to further improve overall simulation accuracy.
"With the acquisition of JOA, Baker Hughes' Reservoir Development Services (RDS) group can provide field development and geomodeling solutions for the most complex development options and reservoirs," notes John Harris, president of Baker Hughes' RDS group. "JewelSuite software has the potential to become a leading reservoir integration platform for technologies ranging from geosteering to modeling the performance of inflow control devices."
Gerard de Jager, founder of JOA Oil & Gas, says the global presence of Baker Hughes may accelerate the growth of the JewelSuite software package. "Baker Hughes recognizes the integration capabilities of the JewelSuite seismic-to-simulation workflow. We look forward to joining the Baker Hughes RDS group and to enhancing the application of the JewelSuite software development kit by larger independents, international oil companies and national oil companies."
About Baker Hughes
Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the worldwide oil and gas industry.