North Energy ASA is a Norwegian oil company and also the world’s northernmost oil exploration company. It is quoted on the Oslo stock exchange (NORTH:Oslo) and focusing on assets located on the Norwegian Continental Shelf (NCF). Rex’s partnership with North Energy began in 2012 by a set of tough tests to see how well Rex Virtual Drilling technology could determine the location of oil. A set of blind tests were initiated and seismic data with drilling locations were furnished by North Energy to us with the aim for us to determine where, if any, oil would be present in the drilling locations provisioned. North Energy knew the actual drilling data for the concessions but in order to put Rex Virtual Drilling to test, North hat obfuscated the location information for the concessions so Rex had no chance of knowing where in the world the concessions where. Rex task was now to determine if there would be oil in the locations proposed by North.
Using Rex Virtual Drilling, Rex gave answer as to whether the suggested drilling location would contain commercial quantities of oil (hydrocarbon find), contain traces of oil (hydrocarbon show) or be dry (no oil).
The film shows Erik Karlstrøm presenting the actual results from drilling operations at the locations given to Rex in the blind tests. Erik explains that Rex results were 100% accurate for each location and Rex was able to determine if drilling should be undertaken or not. Had Rex Virtual Drilling been used, Rex would have found oil in every case where there was a reservoir and avoided drilling where there was no oil.
Rex and North Energy have since formed a strategic partnership in Norway. Watch the video to see how Rex sees oil!