DNVs Venture with IPRES
 
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DNVs Venture with IPRES

      2/7/2000

Det Norske Veritas (DNV) has established a company, IPRM AS Integrated Petroleum Risk Management as a 50/50 joint venture together with IPRES International Ltd. IPRM has been established to meet market requirements as to more integrated and independent decision-making support in order to administer oil and gas resources in the best possible manner.

DNV and IPRES signed a cooperation agreement in May 1999, based on the fact that integrated knowledge of reservoir and production technology will be in great demand for optimising the development and operations of oil and gas fields. This cooperation is now being extended through the establishment of a joint-venture company: IPRM AS. IPRM's core expertise will be improved handling of important risk factors in order to ensure greater profitability for companies in the oil industry.

Expertise in the field of production and transport systems and the use of DNV's decision-making support tools EASY-RISK and Neptun will play a central role, while IPRES will contribute its expertise in technical and financial risk assessments of reservoir parameters. The company has its markets in the North Sea and Middle East from the start and is expected to expand throughout DNV's network, which now covers all the most important petroleum markets worldwide.


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