Landmark, a Halliburton (NYSE: HAL) business line and provider of software for the upstream oil and gas industry, and Palantir Solutions, a provider of asset and corporate-level scenario planning software, have formed an alliance to develop a fully integrated economics, planning, and decision support framework.
The joint solutions will be aimed at helping exploration and production organizations respond more effectively to changes in technical data and market conditions. This responsiveness, in the face of uncertainty, will help enable companies to more effectively manage economic risk and increase the returns on their portfolio of investments.
The current market outlook for the oil and gas industry indicates the need for a more efficient decision support system to improve petroleum investment lifecycle management. Connecting Landmark’s DecisionSpace software directly to the Palantir PlanningSpace will create end-to-end petro technical and economic workflows. Operators will be able to continuously calibrate surface and subsurface risks with economics to implement planning workflows that are integrated, collaborative, and dynamic.
Nagaraj Srinivasan, vice president of Landmark, said, “To meet the requirements of a dynamic supply, demand, and pricing environment in a global setting, world-class organizations need next-generation systems for a near-real-time view of their business and to achieve strategic cost-management objectives. The joint solution from Landmark and Palantir allows customers to manage costs and reserves, and to optimize their portfolio and investment decisions, therefore driving overall business performance."
Palantir’s managing director, Jason Ambrose, added, “Palantir and Landmark have started this alliance by bringing integrated reserves, capital budget, and financial forecasting solutions to market. The speed at which we were able to jointly develop these products is a testament to how complementary our technology platforms are. Together, we will be able to provide our clients with innovative, ‘cloud-ready’ solutions that can be rapidly deployed to create investment lifecycle planning workflows that are responsive, repeatable, and reliable.”