SLB and Quorum Software, technology companies operating in the energy industry, have introduced a new field development planning solution.

The companies claim that their new solution can reduce field development planning time by up to 50%.

The integrated offering is powered by SLB’s FDPlan agile field development planning system with Quorum’s Planning Space business planning and petroleum economics product.

It reduces field development planning time by enabling automatic economic review of projects and improving collaboration.

With the new offering, customers can analyse a wider range of development scenarios, leading to quicker and better decisions on their global investments, the companies said.

SLB senior vice-president of digital products and solutions Trygve Randen said: “Quorum and SLB have released a powerful evaluation and planning solution for improving asset selection and development decisions.

“With subsurface and petroleum economics connected, customers can quickly assess their global asset portfolio to prioritise their development projects, lowering costs, maximising returns and significantly reducing time to value through streamlined field development planning processes.”

In addition, the integration of subsurface data, domain workflows and corporate decision-making is said to facilitate faster and more informed decision-making.

Quorum chief products officer Tyson Greer said: “Delivering this integrated solution with SLB and Planning Space, our industry-leading planning and economics solution, is truly an exciting first for the market.

“This integrated solution will enhance performance and profitability for energy companies globally with seamless connectivity between petrotechnical data and business planning. We are committed to continuing to co-innovate with SLB across planning, economics and reserves to better serve the global energy community.”