Shell Technology Ventures, Statoil Technology invest in Quantico.
M2 EQUITYBITES-May 5, 2015-Shell Technology Ventures, Statoil Technology invest in Quantico
(C)2015 M2 COMMUNICATIONS http://www.m2.com
Quantico Energy Solutions said it has closed a Series A financing round which will support the growth of its innovative horizontal logging solutions.
Quantico has developed a solution for generating synthetic sonic and density logs with information routinely collected during the drilling of every shale well.
"This investment by two major shale operators, with tremendous track records of supporting impactful technologies to our industry, is a significant milestone for Quantico," said Barry Zhang, Co-Founder and CEO of Quantico. "We look forward to working closely with Shell Technology Ventures and Statoil Technology Invest to leverage data-driven solutions for their shale development programs."
"The approach being pursued by Quantico -- to generate insights from existing data -- is promising and fits with the industry's cost-oriented strategies for developing shale resources," said Geert van de Wouw, Managing director of Shell Technology Ventures.
Developed in collaboration with several major operators in North America's most active shale plays, Quantico's logging solution, called QLog, provides oil and gas companies with a non-intrusive method to log wells economically and without requiring logging runs after drilling. Such obstacles associated with traditional horizontal logging methods are no longer impediments to operators that want to log every well or re-log already completed wells.
Founded in 2012, Quantico Energy Solutions is a data analytics company based in Houston, Texas.
Shell Technology Ventures is the corporate venture capital arm of Royal Dutch Shell plc. With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell.
Statoil Technology Invest's job is to attract and assist innovative companies, to help them develop and commercialise new technology which Statoil can use in its operations.
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||May 5, 2015|
|Previous Article:||Cupert Technology launches curved screen protectors.|
|Next Article:||GridlineXstreme inks joint venture with Equatorial Guinea.|