Case Study: IHS Markit improves upstream oil & gas analysis with Palisade's @RISK Developer Kit

IHS Markit - Customer Case Study

IHS Markit, a leading upstream oil and gas analytics firm, needed to add robust Monte Carlo simulation to its ASSET exploration and production modeling software to improve investment and E&P decision-making. Rather than build and validate sampling and correlation routines in-house, IHS Markit turned to Palisade and its @RISK Developer Kit to embed Monte Carlo capability directly into ASSET.

Using Palisade’s @RISK Developer Kit, IHS Markit integrated a seamless simulation engine and interface into ASSET, providing extensive probability distributions and correlated sampling without large development overhead. The Palisade solution delivered simulation functionality "in a relatively short period of time," giving richer, more reliable E&P risk and value estimates and, by IHS Markit’s account, greatly exceeding customer expectations.

IHS Markit

Dennis Smith

International Economist