Seismos Inc., the pioneer provider of real time subsurface fluid flow monitoring for oil and gas production optimisation, today announced that it has secured funding of approximately US$4 million to power its market rollout and product enhancement efforts.
Known as the K-wave Company™, Seismos’ primary focus is on the CO2 enhanced oil recovery (EOR) market where producers have no practical or cost-effective method to track underground CO2 flows during production operations. This results in the loss of up to half of injected CO2, the single largest operating cost component during production and a contributor to the huge opportunity cost of unrecovered oil resources.
“The intersection of innovative approaches and large business problems, led by inspiring, committed teams is exactly what we love to get behind,” said Noah Doyle, general partner of Javelin Venture Partners. “We believe Seismos provides a powerful and needed solution for the energy industry, and we are excited to collaborate and support the team to continue its ascent into a great company.”
Conventional methods of fluid monitoring currently take months to acquire and process data, causing disruptions in production and costing millions of dollars. With producers investing millions to build their project infrastructure and with fixed CO2 supply contracts, Seismos delivers a valuable solution to maximise the return on investment of their CO2 EOR projects. The Seismos solution consists of field-installed low-impact emitters and seismic sensors connected to a cloud-based data processing platform that generates maps of CO2 movement over time. With deployment lead times of less than 90 days and first-year ROI upwards of 100%, Seismos provides immediate and tangible financial benefits to operators.
“We are entering a new era for the oil and gas industry where technology-driven solutions, particularly via real time, field-deployed data acquisition and analytics systems, will dramatically reduce the cost of production for our entire industry,” said Seismos founder and CEO, Panos Adamopoulos. “Seismos’ solution, especially with the recent commodity price decline and emphasis on efficiency and cost controls, produces a rapid return on investment through immediately actionable information. We are grateful to have the support of investors who bring a wealth of experience and expertise in developing enterprise-class software and building successful energy technology companies.”
The US$4 million funding round was led by Javelin Venture Partners with participation from Osage University Partners and other oil and gas technology-focused investors, including Kemal Farid, founder of Merrick Systems; Donald Kendall, CEO of Blue Earth Capital Inc.; and Geoff Hicks, founder of Hicks Oilfield LLC. Noah Doyle, Javelin Venture Partners general partner, has joined the Seismos board of directors.
Adapted from a press release by David Bizley