TWO decades of research has taken Osborne Park software firm Stochastic Simulation to what it believes is the brink of revolutionising the oil and gas reservoir simulation industry.
TWO decades of research has taken Osborne Park software firm Stochastic Simulation to what it believes is the brink of revolutionising the oil and gas reservoir simulation industry.
Stochastic Simulation will partner with super-computing firm ISA Technologies to commercialise its specialist software, which is expected to fundamentally advance the analysis of oil and gas reservoirs.
According to Stochastic, between 30 and 85 per cent of oil found cannot be recovered due to the limited ability to accurately measure reserves.
Stochastic director Leo Mullins said the company's Stochastic Reservoir Engine (SRE), developed by his colleague Andrew Waldsley, employed high-powered computing and mathematical analysis to estimate sub-surface reservoirs and assess uncertainty faster and more efficiently than currently possible.
"Andrew has been using [the SRE] for 20 years in many consulting roles that he's been involved in," Mr Mullins told WA Business News.
"We're taking it so it can be duplicated without his input, essentially making it so it can be used by people without high-end computing skills.
"We really want to be able to make it scaleable so that one or two, or three or four data centres would be able to support oil reserve mapping globally."
The technology has garnered industry acclaim, with Stochastic receiving a Western Australian Information Technology and Telecommunications Award (WAITTA) for innovation last month and an iAward from the Australian Internet Industry Association this week.
"The judging committee certainly felt they were on the cusp of addressing what is a very important issue not only for Australia, but the rest of the world," WAITTA chairman Mike Coles said.
"Their product and service is ready to be utilised in that broader market, and when you look at the size of that market there is huge potential.
"Their services and technology appear to have them really well positioned to be able to not only exploit that market, but also to provide substantial benefits."
Meanwhile, ISA Technologies was also a winner in this week's iAwards, in the e-Government category for its internet starter kit, otherwise known as InternetLite.
Other winners of the iAwards were Lotterywest and Fundi Software.
Lotterywest won the gong in the communication category thanks to its Matrix Project, which involved the replacement of its gaming system and installation of new terminals at nearly 500 retail outlets.
