Private equity investment firm PetroCap has selected Cloud-based oil and gas software provider Quorum Software to optimise operations of its upstream portfolio.
PetroCap has selected Quorum’s Cloud-based Upstream On Demand solution as its preferred operational and accounting software option for its partner investors.
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Quorum’s Upstream On Demand software is designed to be a multi-tenant software-as-a-service (SaaS) solution for both operators and their respective private equity supporters requiring cost-effective solutions that are easy to deploy and use.
PetroCap partner Lane Britain said: “When searching for the right solutions to help our entire portfolio, we knew we needed a partner whose technology could scale, be implemented quickly, and give us the visibility we need across our investment operations, including everything from accounting to land to production.”
In addition to providing advanced technology to their partners, the solution enables PetroCap to efficiently organise financial and operational reporting across its upstream projects.
Quorum Software sales vice-president Soroosh Seyhoon said: “Growth stage upstream companies are focused on capital discipline and operational efficiency.
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By GlobalData“PetroCap’s use of Upstream On Demand represents an innovative application of the Cloud solution that reduces the complexity of operations across its portfolio of companies.
“This makes all the sense in the world for a growth-minded E&P company looking for a competitive advantage and strong partnership from an investor.”
Based in the US, PetroCap is engaged in investing as a working interest (WI) partner with independent operators in conventional and unconventional upstream projects across the country.
