Ikon Science geoprediction technology is expected to improve production and drilling efficiencies. Credit: Mikael Moiner.

Fairfield Geotechologies has signed an agreement to form a joint venture (JV) with Ikon Science to offer geoprediction services for the North American oil and gas industry.

The deal is said to be a part of Fairfield’s growth strategy involving focused investments in core businesses, strategic partnerships and acquisitions.

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The JV will combine Fairfield’s seismic acquisition, processing and multi-client data library with Ikon’s geoprediction technology and RokDoc Ji-Fi inversion software.

Ikon Science geoprediction technology features new workflows for both unconventional and conventional reservoirs. Fairfield said these workflows will improve production and drilling efficiencies.

Fairfield Geotechnologies CEO Charles Davison said:  “The core capabilities and synergies of both companies are well matched.

“The JV with Ikon represents our commitment to providing our clients with best-in-class data, services and solutions for reservoir management, risk reduction and increased productivity.”

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“The core capabilities and synergies of both companies are well matched.”

The integration of respective expertise is expected to enable the partners to provide customised, quality geotechnical solutions for comprehensive reservoir characterisation.

Ikon Science Mark Bashforth said: “This coupling of data and technology delivers a streamlined best of breed solution to our clients, the goal being to maximise the value from the data they acquire and use an understanding of the geology to manage reservoirs with precision.’’

Last month, Ikon Science unveiled the latest version of its RokDoc software designed to offer various usability and workflow improvements.

The software incorporates nine conventional and 17 unconventional models, and can be used for offshore, onshore, conventional or unconventional purposes.

In addition, the technology comes with new tools to support log QC, modelling, conditioning and seismic reservoir characterisation of conventional reservoirs.