Paradigm Releases Version 14 of its Mining and Exploration Software
Paradigm announced last week the release of the latest version of its integrated solution suite, Paradigm® 14. The new mining and exploration software centers on the science and technology to facilitate effective seismic data processing and imaging, velocity modeling and seismic interpretation. The release provides over 700 new features and enhancements, covering everything from processing and imaging, reservoir characterization, reservoir engineering and drilling and data management.
Paradigm 14 emphasizes on reducing exploration risk through various measures. The program allows users to visualize smaller features for exploiting modern reservoirs – fractures, thin beds and small faults and reduces the exploration risk by ensuring a clearer understanding of the subsurface; increasing the value of the investment in both legacy and modern seismic surveys; and verifying resulting from processing partners. Enhancements in the processing and imaging solutions, Echos®, GeoDepth® and EarthStudy 360®, enable the program to deliver high-definition images that allow users to see smaller features important for modern reservoirs.
According to Somesh Singh, chief product officer for Paradigm, “Paradigm has long been renowned for the high science and advanced technology of its products. With the Paradigm 14 Release and those that will follow, we are focusing on delivering on our mission of delivering advanced science for everyone by enhancing the user experience with convenient workflows and easier installation, in order to make these best-of-class technologies available to the entire user community. We are confident that these improvements will enable our customers to obtain more value from their data, make better decisions and maximize return on their investment.”
Paradigm 14 applications include:
Earth Study 360® - Full azimuth imaging and characterization
Echos® - Seismic data processing
GeoDepth® - Velocity determination and modeling
SeisEarth® - Multi-survey regional to prospect interpretation
VoxelGeo® - Voxel-volume interpretation
Explorer® - Time-to-depth conversion
Probe® - Amplitude vs. offset/angle analysis and interpretation
Vanguard® - Seismic inversion and property determination
Sysdrill® Designer – Well planning
Paradigm applications will be featured at a variety of events this year, including EAGE 2014 in Amsterdam, booth #1200, IPA Convention & Exhibition in Jakarta, Indonesia, booth #M6, and Congreso Mexicano del Petróleo in Acapulco de Juárez, booth #225.
Paradigm has been the largest independent developer of software-enabled solutions for the global oil and gas industry for the last 25 years. A variety of experts in the mining sector rely on the company’s productivity tools and scientifically advanced applications to construct the industry’s most advanced subsurface models for mining and exploration purposes. With offices in 31 cities around the world, Paradigm represents a majority of the energy centers across the globe.
Axora launches global challenge for digital technology
Axora is launching the world’s first international competition to discover new cost-saving digital technology for industrial companies, which can produce rapid benefits within a year.
The Metals & Mining and Oil & Gas sectors have recently experienced budget cuts of 20% on average, driven by a variety of factors including the global pandemic, slump in demand and price wars. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative, digital solutions that reduce cost fast and pay for themselves, whilst achieving the same or improved productivity, health and safety and sustainability standards.
“While digital solutions can help to get work done quicker and more cost-effectively, they typically require a three-year ROI, and if there’s no flexibility in the budget, a full budget planning cycle is needed to get things moving”, said Dr. Nick Mayhew, Chief Commercial Officer, Axora.
“Yet, extra financial cost is often incurred in delaying digital projects, so customers have asked us to highlight solutions that can have an ‘in year payback’ whereby the cost spent on the solution and deployment will be more than recovered within the budget year - this accelerates the timeline and drives positive business impact, quickly.”
The Axora Cost-Saving Technology Challenge
Axora is keen to learn of any digital cost-saving innovation which: meets the 12-month payback timeframe; can be deployed in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.
“We’re passionate about supporting our industries and customers through all forms of digital transformation and the cost-saving solutions we are searching for could also provide a lifeline to many mining and metals and oil and gas companies in the current economic climate,” added Dr. Mayhew.
Improving productivity, safety and sustainability
Up to ten finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the ROI models and vet the solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies. Entries are open until May 31. Full details of the competition including terms and conditions can be found here.
To learn more about the Axora B2B digital solutions marketplace read our feature in the latest issue of Mining Global magazine.