BURLINGTON, Mass., May 02, 2017 (GLOBE NEWSWIRE) -- Exa® Corporation (Nasdaq:EXA), a global innovator of engineering software for simulation-based design, has announced a multi-year commercial agreement with BP for Exa's DigitalROCK™ relative permeability software solution based on Exa's unique multi-phase fluid flow simulation technology.
A video accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/363a66a6-4959-45d7-bfff-c06f19ad58fa
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e20915be-84e1-4942-a7e4-f7cdfd57563c
As a result of three years of cooperative research and validation, Exa is now bringing to market the first predictive computational solver for relative permeability, a goal that has long been elusive for the oil and gas industry. This new capability will help engineering teams make more informed decisions on wells, production facilities and resource progression, including enhanced oil recovery.
Dr. Joanne Fredrich, Upstream Technology Senior Advisor at BP, commented, "After a three-year program of cooperative development and testing, our extensive validation studies are drawing to a close. The ability to generate reliable relative permeability information directly from digital scans on a much faster time-scale than laboratory testing, and to gain insight into the underlying pore-scale dynamics, provides substantial business value during appraisal, development, and management of our reservoirs. We plan to deploy this technology across our global portfolio."
"Predictive simulation of relative permeability from a digital scan of a rock sample is now a reality for oil exploration and production companies globally," remarked David Freed, VP of Oil & Gas at Exa. "Our DigitalROCK technology is providing essential data on oil reservoir characteristics in a fraction of the time possible with physical lab test."
Exa's President and CEO, Stephen Remondi, stated, "As we bring our patented flow simulation technology to this exciting new market for Exa, we are pleased that an integrated oil and gas company of BP's scale has adopted our DigitalROCK multi-phase flow solution. We believe there is significant opportunity for Exa's simulation technology to make a positive impact on the oil and gas industry, as it has for other industries we have served over the past twenty-five years."
Learn more in BP‘s press release "BP Expands Digital Rocks Technology"
About Exa Corporation
Exa (Nasdaq:EXA) (www.exa.com) Corporation's visualization and simulation software helps designers and engineers enhance the performance of their products, reduce product development costs and improve the efficiency of their design and engineering processes. As a design evolves, Exa accurately predicts the performance of that design while providing actionable insight to optimize the performance of the product. With Exa, the need for costly physical prototypes and expensive late-stage changes is reduced. Now, designers and engineers are freed from the risk of producing compromised products that do not meet market and regulatory requirements. Exa currently focuses primarily on the ground transportation market, in which some of the most successful product companies in the world use Exa, including BMW, Delphi, Denso, Fiat Chrysler, Ford, Hino, Honda, Hyundai, Jaguar Land Rover, Kenworth, Komatsu, MAN, Nissan, Peterbilt, Peugeot, Renault, Scania, Toyota, Volkswagen and Volvo Trucks, and has recently expanded its technology offerings into the fields of aerospace and oil and gas production
Founded in 1991, the company is headquartered at 55 Network Drive, Burlington, MA, USA 01803. Tel: 1.781.564.0200; Fax: 1.781.564.0299; Email: firstname.lastname@example.org; URL: www.exa.com; NASDAQ:EXA
Exa, PowerFLOW and PowerINSIGHT are registered trademarks and DigitalROCK is a trademark of Exa Corporation.
For media enquiries, please contact: UK: James Parsons Tel: +44 1622 766526?E-mail: email@example.com US: Ann Smith Tel: +1 248-259-6148 E-mail firstname.lastname@example.org Germany: Richard Backhaus Tel: +49 6 11 50 45 982 E-mail: email@example.com