MMS Chooses PetroVR Software to Evaluate GOM Bids

March 31, 2010 at 5:08 am Leave a comment

Caesar Systems’ Petroleum Ventures & Risk (PetroVR) decision-making software has been selected by the US Minerals Management Service (MMS) of the U.S. Department of the Interior. This indefinite delivery/indefinite quantity (ID/IQ) contract is for providing oil and gas resource economic evaluation software to be used in determining the adequacy of bids submitted for offshore oil and gas leases in the Gulf of Mexico.

Prior to awarding this deal to PetroVR, the MMS had used MONTCAR, an internal software solution, for more than three decades. In a recent fiscal year, the MMS evaluated nearly 800 offshore tracts having $6 billion dollars in high bids using MONTCAR.

“Our role will be to empower the MMS with integrative decision capabilities for the economic evaluations of offshore tracts based on a diverse set of economic, engineering, geological, and other input parameters. The MMS will enjoy the benefits of a fully documented, supported and maintained software platform,” said Victor Koosh, CEO of Caesar Systems.

The consistency and flexibility of the PetroVR commercial software platform is expected to decrease “onboarding” time for new staff and contractors; enable quick adaptability to policy and environmental changes; and to deliver value more effectively to the many, diverse MMS stakeholders.

Caesar Systems has supported numerous clients in bidding on exploration licenses in the US and internationally. The Caesar Systems methodology streamlines this process and leads to greater predictability for clients by representing the inherent dependencies and developing insights that can emerge only within simulation technology.

www.caesarsystems.com

www.mms.gov

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Entry filed under: Financial and Back Office Solutions. Tags: , , , , , .

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