HOUSTON, May 4, 2015 /PRNewswire/ -- Quantico Energy Solutions, a company providing data-driven solutions for shale drilling and completions programs, today announced the closing of 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.
"Quantico has combined expertise in both machine learning and open hole logging to create a complementary solution for traditional horizontal logging methods, with potential to save cost and increase production" said Richard Erskine, Managing Director of Statoil Technology Invest.
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.
About Quantico Energy Solutions
Founded in 2012, Quantico Energy Solutions is a data analytics company based in Houston, Texas. The company's focus is on providing the oil and gas industry with data-driven solutions that address major challenges in the development of shale resources worldwide. Today, Quantico works with over twenty major oil and gas companies in several shale basins across North America. For more information, please visit http://www.quanticoenergy.com
About Shell Technology Ventures
Shell Technology Ventures ("STV") is the corporate venture capital arm of Royal Dutch Shell plc ("Shell"). 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. Continuing Shell's tradition in venture capital since 1998, STV's investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures
About Statoil Technology Invest
Statoil Technology Invest's ("STI") job is to attract and assist innovative companies, to help them develop and commercialise new technology which Statoil can use in its operations. It provides both equity funding in seed and venture phases and also product development funding through its LOOP programme. It is an active portfolio with 20 equity investments and 8 LOOP companies. STI has an active portfolio with 3 exits in the last 12 months. For more information, please visit http://innovate.statoil.com
SOURCE Quantico Energy Solutions