Quantico Energy Solutions, a company providing data-driven solutions for shale drilling and completions programs, has closed a Series A financing round that 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 shale wells.
"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."
Geert van de Wouw, managing director of Shell Technology Ventures, said, "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."
Richard Erskine, managing director of Statoil Technology Invest, added, "Quantico has combined expertise in both machine learning and openhole logging to create a complementary solution for traditional horizontal logging methods, with potential to save cost and increase production."
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 nonintrusive 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.