Norway, August 17, 2016 Saudi Aramco Energy Ventures (SAEV) closed an investment round into Geomec Holding AS.
Geomec Engineering provides subsurface injection services for oil and gas operators worldwide. They have developed a unique software solution, GeoTool-Inject, which was commercialized in 2014 after close collaboration with major North Sea operators.
GeoTool-Inject is a monitoring and analysis software with technical support, for supervising disposal, pressure-support and stimulation wells. It gives users visibility and control of the injection process, by converting raw data into useable information in an efficient and accurate manner, ensuring enhanced production and safety as well as operational cost savings
Geomec’s Injection Center in Stavanger offers a range of technical-engineering services for injection wells at every stage of a field’s life (field and well planning, daily operations, as well as general support and problem solving).
Geomec was founded in 2002 as a geomechanics-focused consulting company. It is headquartered in Stavanger, with team members based in the UK and USA.
Geomec will use the newly raised funds to support the commercialization of GeoTool-Inject for disposal and pressure support wells, as well as further improving the software’s ability to support shale stimulation operations.
“We are pleased with the investment opportunity into Geomec and we look forward to further develop the company’s unique offerings into well injection monitoring applications.” says Majid Mufti, CEO of SAEV.
“We are delighted to welcome Saudi Aramco Energy Ventures as an investor in Geomec. We are excited about the opportunity to work with the local teams at Aramco and to customize our offering further to meet their needs. We are also looking forward to having greater resources to support the commercialization of our product. This is an exciting time for our company. Geomec is ideally placed to help operators meet today’s challenges of increasing production in an environment of low oil prices and increasing regulatory pressure. To address these challenges, operators will require better information, faster, about their wells and the reaction of the subsurface to the effects of Injection.” Says Jarle Stueflotten, CEO of Geomec.