Sharp Reflections, the company behind Pre-Stack Pro, has dropped the minimum 2020 spending required to earn preferred-tier pricing by 80%. The move, which cuts the pre-pay fee from EUR 50,000 to EUR 10,000, was made to support the wider industry’s call for cost reductions during the ongoing economic and industry downturn.
New seismic purchases or full-scale reprocessing projects are susceptible to budget cuts due to falling oil prices. This makes pre-stack data conditioning and interpretation, to extract fresh insights from existing data libraries, a low-cost workstream. Pre-Stack Pro enables users to fully leverage 100% of their seismic data using advanced tools for AVO processing and quantitative amplitude interpretation.
While lower oil prices will slow activity, E&P companies still need to honour licence commitments and progress seismic work programmes during the downturn. By undertaking in-house reprocessing and seismic inversion on existing data, operators can mature prospects and optimise drilling locations. This activity could be looked on favourably by governments. In markets such as Norway with large public data stores, considerable amounts of legacy seismic data exist. Pre-Stack Pro projects, completed in the cloud, could be a highly beneficial, cost efficient and timely licence work programme activity while other budgets items are postponed.
Sharp Reflections offers two different pricing plans for access to its Pre-Stack Pro Cloud software. Pricing is 100% usage-based, with either a flexible pay-as-you-go approach, or a pre-pay option with a minimum annual spend. Users who switch from the pay-as-you-go to the pre-pay model receive substantial cost savings, with monthly invoices typically reduced by 40-50%.
Bill Shea, CEO of Sharp Reflections, comments, “During uncertain times it is important to squeeze everything out of existing data libraries, and we recognise the important role our software plays in assisting companies to do this. Looking at the wider situation, we have reviewed the access options for Pre-Stack Pro Cloud in 2020 and have developed an approach that we believe is truly innovative in the market.”
“We hope that by reducing the upfront fee for 2020, it will help to support E&P companies to take advantage of cloud delivery options and continue to progress and mature their licences at a time when all activity is under review,” adds Shea.
PreStack Pro Cloud supports remote working by providing users with access to the software from any computer and location. It facilitates and encourages remote collaboration, both within companies and between license partners. Compute power and seismic storage is provided by Amazon Web Services (AWS). Sharp Reflections full maintenance and support is included.