3esi-Enersight, a Canada-based services provider for oil and gas industry, has acquired reserves evaluation and management software developer Energy Navigator.
Financial details about the acquisition have not been disclosed by the compaies.
Energy Navigator is the developer of Value Navigator, a reserves evaluation and management software and AFE Navigator, an AFE workflow, approvals and capital tracking system.
With the acquisition, two pioneers in petroleum and reserves space have come together. 3esi-Enersight's new solution can offer oil and gas industry with a unified view of data, workflows and assets, while making sure that reserves management and asset level decisions are closely linked to corporate level strategy and planning.
3esi-Enersight said that the acquisition can result in short-term gains and long-term value creation.
Energy Navigator’s Val Nav Engineering and Reserves software offers technical reserves evaluation featuring custom decline curve analysis routines and algorithms to forecasting, reserves reconciliation and corporate reserves reporting.
On the other hand, Energy Navigator’s AFE Nav software is claimed to be an advanced AFE workflow and approvals tool, that helps companies in improving spending controls, while avoiding cost overruns and in speeding up approval times for capital expenditures by up to 75% over existing systems.
With these two softwares now being integrated into 3esi-Enersight can now reduce the gap between planning and reserves management, while providing a single source of information for petroleum companies to increase their value and plans for growth.
3esi-Enersight CEO Wayne Sim said: "Our industry has evolved significantly, especially in the past few years of economic turmoil. 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.
“3esi-Enersight's vision for the petroleum industry is the complete integration of data and workflows from the reservoir to the boardroom, enabling companies to plan more effectively and respond faster to market and operational volatility.
“This acquisition adds the final core capability to a complete solution that we have built over the past decade. It also unites two teams of respected experts in the field who will provide a combination of software, service and expertise that is unmatched in the industry."