Palantir Solutions has been engaged by Faroe Petroleum to provide an economic modelling solution. Palantir software was chosen to help the oil and gas company achieve a consolidated view of its international asset portfolio and deliver an improved economic and financial forecasting workflow.

Senior Vice President at Palantir, Kirk Hanes said "By implementing Palantir's software, Faroe petroleum is already seeing the benefits of an on-demand, consolidated view of its portfolio. This helps the business to effectively compare various investment strategies and improves confidence in its investment decisions."

Previously Faroe Petroleum had used spreadsheets to calculate economic evaluations and for financial planning which meant that Faroe analysts were spending significant time collecting and qualifying data, creating and updating fiscal models and building reports and charts.

Tags: Faroe Petroleum, Palantir Solutions