HOUSTON, Texas - March 21, 2005 - Under a five-year technology agreement between The Information Store (iStore) and Integrated Trade Systems, Inc., the E&P division of PEMEX stands to improve management of Mexico's oil and gas activities through better access to data. Agreement terms were not disclosed.
The deal expands iStore's longstanding relationship with one of the world's 10 largest oil companies and cements iStore's reputation as a leader in an industry traditionally dominated by a few large players.
The agreement between iStore and Integrated Trade Systems (ITS) will give PEMEX E&P asset managers access to iStore's PetroTrek suite of Web-based software solutions company-wide. PetroTrek enables asset managers to access, analyze, report on and distribute mission-critical exploration and production data.
"As a niche player that develops data-access software, we're often competing with better-known, multi-national software providers," said Barry Irani, president and chief executive officer for iStore. "But whether oil companies are using software tools developed in-house or from our larger competitors, they are coming to a similar conclusion: iStore provides a superior method of accessing oil and gas data."
iStore began its relationship with PEMEX E&P in 1997, when it installed the Asset Management Solution - Seismic (AMS-S) at the oil company's geophysical data processing center in Villahermosa. AMS-S made PEMEX's more than 10 terabytes of seismic data available company-wide.
iStore has since installed its Asset Management Solution-Exploration (AMS-E) and is currently installing the Asset Management Solution-Drilling (AMS-D) for PEMEX's E&P Southern Region. Two years ago, PEMEX E&P embarked on a corporate initiative to enable data access across all regions of the company. In April 2004, PEMEX E&P tapped iStore to assist with the ADITEP project, and PEMEX E&P executives were pleased with the performance of PetroTrek.
"With iStore, our asset management teams now have access to a wide range of oil field data," said Jose Luis Figueroa Correa, manager of technical systems for exploration and exploitation for PEMEX E&P. "More importantly, that data can quickly and easily be put into various formats and used to support decision-making. We're excited about the results we've already seen in a few short months."
iStore's performance led to the framework agreement, which will simplify the procurement of technology required by PEMEX E&P by pre-defining all commercial terms and conditions that would prevail for all future transactions.
iStore used its proprietary KSS or Knowledge Sharing Solution technology to facilitate the negotiation process of the agreement. iStore posted documents to a Web-based information management system where parties on both sides could make changes and post approvals quickly and easily.
Historically, exploration and production companies spend countless hours assembling data. But with so much information in so many different documents and electronic databases, a thorough analysis has been virtually impossible.
The PetroTrek suite includes Asset Management System-Production (AMS-P), a Web-based application that pulls in critical information from across a petroleum company. Users can access the detailed information they need with the click of a mouse. AMS-P does all of the hard work for them, accessing data from multiple databases and presenting it in a usable format.
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