US-based provider of real-time subsurface fluid flow monitoring system Seismos has raised US$4mn to roll out its data analytical products for oil and gas industry
According to the company, investors in the deal include UK-based Javelin Venture Partners, Osage University Partners and individual investors including Merrick Systems founder Kemal Farid and Hicks Oilfield founder Geoff Hicks.
Seismos uses field installed low-impact emitters and seismic sensors connected to a data processing platform to generate maps of carbon dioxide movement overtime.
The system allows real-time monitoring without shutting down production. Conventional methods of fluid monitoring currently take months to receive and process data, which disrupts production and costs millions of dollars, added the company.
Seismos CEO Panos Adamopoulos said, “We are entering a new era for the oil and gas industry, where technology-driven solutions will dramatically reduce the cost of production for our entire industry. Seismos’ solution, especially with the recent commodity price decline and emphasis on efficiency and cost controls, produces a rapid return on investment.”
Seismos also plans to introduce products to service hydraulic fracturing operations, revealed the CEO.
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