US based oil and natural gas company Quantico Energy Solutions has received investments from two major shale companies which are expected to support its horizontal logging solution, called QLog.
Shell Technology Ventures and Statoil Technology Invest are the two firms which took part in the Series A financing round.
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Quantico’s horizontal logging solution leads to synthetic sonic and density logs generation on the basis of data collected routinely during drilling of shale wells.
Shell Technology Ventures managing director Geert van de Wouw 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."
Statoil Technology Invest managing director Richard Erskine said: "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."
Quantico has worked in co-ordination with other major operators in the continent that deal with shale gas to develop QLog.
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By GlobalDataThe integrated solution can present companies non-intrusive ways in logging wells economically and without requiring logging runs after drilling.
