Schlumberger and Fundacion Repsol Sign Software Technology Contract

Business Wire, Nov 22, 1999

HOUSTON--(BUSINESS WIRE)--Nov. 22, 1999--

Fundacion Repsol Licenses a Comprehensive Suite of Schlumberger's

Software to Support a New Exploration and Production (E&P)

Master's Program in Madrid

Schlumberger (NYSE:SLB) announced today that Fundacion Repsol has licensed geoscientific, engineering and drilling software from GeoQuest, an operating unit of Schlumberger, under the terms of the Schlumberger university software program.

"Our E&P master's program provides both a theoretical and practical learning experience," said Laudelino Leon, who is in charge of training for Fundacion Repsol. "The GeoQuest software enables our students to tackle all major aspects of a full-field development project in an E&P company environment."

The software technology -- which provides integrated geoscience interpretation, reservoir simulation, production analysis and interactive well design capabilities -- includes

-- GeoFrame(R) intergrated reservoir characterization system

and project database

-- ECLIPSE(a) reservoir simulation software

-- OilField Manager(R) (OFM(a)) production data management

software

-- Drilling Office(a) integrated suite of drilling

applications.

"We are pleased that we can help students become skilled professionals," said Daniel Franken, manager of Spain and Portugal for GeoQuest. "Offering students training with our software is part of Repsol's corporate decision to use GeoQuest technology exclusively for geoscientific interpretation and decision making."

Fundacion Repsol was created by Grupo Repsol as a private entity dedicated to promoting investigation and education. The foundation created the Instituto Superior de la Energia (ISE), which offers an eleven-month master's course for foreign and Spanish graduates. This master's course in E&P, refining-petrochemistry and gas gives students an integrated vision of the industry, focusing on the business aspects, using modern technical equipement. Plans call for the program to expand to four specialities in the year 2001.

Schlumberger is providing the software technology through its worldwide university software program, which offers software developed and marketed by GeoQuest to selected colleges and universities at minimal cost. GeoQuest provides three-year renewable licenses, software maintenance, training and technical support to eligible institutions. Universities selected for this program can use the software to instruct students as part of a course curriculum or conduct academic research. The software is not intended for commercial use by the university.

GeoQuest, an operating unit of Schlumberger, is the E&P industry leader for the supply of integrated software systems and data management solutions to assist petroleum companies in optimizing the value of their oil and gas reservoirs. Schlumberger -- the leading supplier of services and technology to the international petroleum industry -- operates offices, service locations and research and development facilities around the world.

(R) Registered trademark of Schlumberger

(a) Mark of Schlumberger

For additional information contact: Susan Ganz, GeoQuest, 5599 San Felipe, Suite 1700, Houston, TX 77056, 713-513-2480, sganz@houston.geoquest.slb.com

Mr. Laudelino Leon Gonzale, Fundacion Repsol, Juan Bravo, 3B Pl. 2a, 28006 Madrid, Spain, 34 91 348 9340 or 34 91 664 5013, lleong@repsol.es

Daniel Franken, Oilfield Services, GeoQuest, C/ Monte Esquinza, 15, 28010 Madrid, Spain, 34 91 700 44 30, franken@madrid.geoquest.slb.com