Supporting the Energy Transition with a Critical Advancement in the Process of Managing Successful CO2 Injection for Carbon Storage
CALGARY, Alberta, June 25, 2024 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) is pleased to announce that Kongsberg Digital and CMG have launched CO2LINK, a transformative simulator coupling that streamlines CO2 injection and storage processes.
Spearheaded by industry software leaders CMG and Kongsberg Digital, the GELECO2 joint industry project (JIP) was initiated in February 2022. The project unites a consortium of 12 energy companies and is supported by CLIMIT, Norway’s national research program for carbon capture solutions.
The partnership has resulted in the development of pioneering software, with the launch of CO2LINK, integrating Kongsberg Digital’s advanced transient multiphase flow simulator, LedaFlow®, with CMG’s industry-leading software for complex subsurface hydrocarbon recovery and carbon storage, GEMTM.
Facing the twin challenges of carbon storage in aquifers and repurposing ageing oil and gas reservoirs, the GELECO2 JIP has developed groundbreaking software that enables the seamless modelling of the interaction between well and reservoir systems, traditionally treated as separate disciplines. It allows operators to better anticipate and navigate potential short-term bottlenecks and challenges resulting from the unique phase behavior changes of CO2 in the wellbore and its interaction with the reservoir storage site.
“The introduction of CO2LINK is a demonstration of our commitment to innovation and strategic partnerships to strengthen our portfolio and enhance the value CMG can provide in understanding the whole CO2 system,” says Pramod Jain, CEO of CMG. “We are proud to contribute to this leading-edge JIP and to collaboratively offer a tool that advances CO2 injection technology, working to mitigate risk and aligning with the global energy transition.”
“CO2LINK represents a quantum leap in our industry’s approach to CO2 management. By integrating the best of Kongsberg Digital and CMG technologies, we have created a tool that enhances the efficiency of CO2 injection processes and underscores our commitment to environmental stewardship. This software is a testament to what can be achieved when innovation meets the urgent need for sustainable solutions in the energy sector,” says Shane McArdle, CEO of Kongsberg Digital.
About CMG
CMG (TSX: CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
About Kongsberg Digital
Kongsberg Digital, a subsidiary of KONGSBERG, is an industrial software company shaping the future of work by changing how businesses design, operate and maintain their assets. Businesses trust us for our innovative technologies, including CCS, new energy ventures towards net zero, voyage optimization, emissions reduction, and technology to help balance grids and complex power systems. We are transforming carbon-intensive industries by providing industry-leading solutions that extract value from industrial data. We enable businesses to connect physical assets to an industrial work surface, serving as one common infrastructure for decision-making across the value chain.
For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca
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marketing@cmgl.ca
