photo: Tieto

Tieto has signed an agreement to acquire Petrostreamz, a rapidly growing provider of advanced software and services for integrated asset modelling (IAM) onshore and offshore. The acquisition further expands Tieto’s growing portfolio of advanced solutions and capabilities in the upstream business of oil and gas industry. Petrostreamz has 15 employees with offices in Houston, Dubai, Rio de Janeiro, London, Oslo and Trondheim.

Within the oil and gas industry, there is a clear agenda and a variety of initiatives on how to derive increased value from data. Over the last two decades, Tieto’s Energy Components (EC) has evolved extensively as more knowledge has been captured and new functional areas have been added to the product suite. Holding the official record of all production data in EC, Tieto is uniquely positioned and in continuous dialogue with its customers on how to increase the value from these data.

“This acquisition is a catalyst to our journey in becoming the leading supplier of Hydrocarbon Management Solutions, and will create significant added value for our existing customers within the oil and gas sector. Our ambition is to drive a compelling value proposition to customers in the industry, support their business renewal initiatives and create competitive advantages for them,” says Kaare Lunde, Vice President of Oil & Gas, Tieto.

Joining forces with Petrostreamz, Tieto is adding Pipe-It to its offering portfolio and stepping into the Integrated Asset Modeling (IAM) domain. Further, by combining Pipe-It and EC for optimisation, forecasting and decision support, Tieto is capable of providing integrated Hydrocarbon Management (HCM) solutions based on the data already available in EC.

The two companies have already partnered on some key projects globally, and started seeing the business opportunities and synergies in how customers can receive value from joining forces.

Tags: Petrostreamz, Tieto