2013 The year of oil and gas

Wow time flies, I’ve been promising this blog entry for a while so here goes. Exciting things are happening at Acceleware and as we move through 2013 Acceleware is more and more focused on oil and gas solutions and services. The Acceleware team continues to blend our in-house expertise in HPC, Geophysics and Electromagnetics to offer the energy industry technology solutions that are unique and compelling.

We started the year in Q1 with a strategic move to exit the medical imaging market via the licensing of AxRecon™ to SCANCO Medical of Zürich. This transaction marks another step in our ongoing strategy to focus on the Oil and Gas industry. Acceleware will retain the IP rights to the technology and we wish SCANCO success in expanding the use of AxRecon in the medical market.

In my last blog entry I discussed the difficulties facing oil and gas companies as they explore for harder to find petroleum reservoirs. Acceleware’s seismic imaging products such as reverse time migration (RTM), are helping to solve these challenges with state of the art algorithms and computational performance. RTM has become a standard imaging technique for complex offshore geologies such as the sub-salt challenges presented in the deep waters of the Gulf of Mexico.

RTM can also be used for challenging geologies on-shore. Land based RTM is an emerging market and an exciting opportunity for Acceleware. The land based RTM market requires lower operating costs meaning it has to be faster while using less hardware. Acceleware’s AxRTM™ is designed to run on a variety of platforms, and we are continuously improving the performance of the product. In 2012, utilizing the latest NVIDIA Kepler GPUs and enhanced software engineering we increased AxRTM performance by over 300%. In 2013, our developers are working hard to provide even better improvements. Acceleware’s seismic software partners are excited about the opportunity of using faster RTM for land exploration.

June is a big trade show month at Acceleware and on the 10th, Acceleware will be heading to London, UK to exhibit at the 75th European Association of GeoScientists and Engineers (EAGE) Conference. It will be stimulating to interact again with the market including potential and existing customers and our partners. Look for some exciting product announcements as well.

The following week will see the Acceleware team in Leipzig, Germany for the International Supercomputing Conference (ISC) show. With HPC being such a key component to our value proposition for Oil and Gas, ISC is another opportunity to stay relevant and informed in this market.

Soon I will post another entry describing our recent involvement in a promising enhanced oil production technology called radio frequency heating. In the meantime, please review the presentation I gave at the Annual General Meeting of Acceleware shareholders.