First Field Trial for TenzorGEO's Transformational Technology
22 Nov, 2018
An oil super major has shown faith in TenzorGEO’s transformational technology by offering a field trial to show the step-change it can achieve in pinpointing oil and gas deposits.
The trial is scheduled for the North Sea in February and has come as a result of TenzorGEO being one of the first companies to graduate from the Oil and Gas Technology Centre’s (OGTC) inaugural TechX Pioneer accelerator programme.
TenzorGEO uses unique software and environmentally friendly passive seismic data acquisition to almost treble the chance of drilling a successful first well and make small pools more economic.
As a result of the 16 intensive weeks of TechX the company has not only secured a field trial involving the major operator and a major services company but has pre-confirmed interest from two major venture capital firms.
“I could never have dreamt we would come so far so quickly,” said TenzorGEO chief executive Ivan Starostin, a former investment banker.
“Without the OGTC and TechX I don’t think we would be much further on than we were six months ago.
“The energy industry is naturally sceptical and doesn’t readily jump on promising technology but the OGTC gave me an opportunity to talk to senior executives who I might never otherwise have reached. The technology can pinpoint exactly where to drill and should increase the success rate from one appraisal well in four to nine in 10. That opens up huge opportunities because for many marginal fields if the first well is unsuccessful it is no longer viable to drill a second.
“All the senior executives were very enthusiastic about the technology because of its potential. Their geophysicists took more convincing but that was achieved by Professor Evgenii Birialtcev. He is an academic from the Russian Republic of Tartarstan and chief science advisor to the government. He developed the software which analyses the information from existing vertical seismic data and from our own microseismic data acquired using our ocean bottom seismometers.
“The success which TechX has brought has been truly astonishing and I can’t thank my mentors who have been there for me to talk to throughout this whole process.”
TenzorGEO is now based in the Elevator HUB and it is hoped that the technology will be verified and available in quarter three next year.