RESMAN Acquires Restrack

Thursday, December 20, 2018

Norwegian-based well and reservoir surveillance and intelligent tracer systems provider RESMAN AS announced it has agreed to acquire tracer service provider Restrack AS, in a share purchase agreement. The combined company will have up to 100 employees.

The combination of RESMAN’s reservoir monitoring and intelligent chemical tracer systems and Restrack’s full portfolio of integrated tracer services, including inter-well gas and water tracing, single well tracer tests (SWCTT) and partitioning inter-well tracer tests (PITT), will deliver even more detailed information to operators on their reservoirs and wells for improved well production and production optimization, RESMAN said in a press release on Wednesday.

Gunnar Hviding, RESMAN CEO, said, “Resman has continuously expanded the value to our clients of our oil/water tracers, through introduction of flow quantification, continuous monitoring and methods to handle complex flow regimes. Currently, Resman is running pilot installations for gas measurements. The Restrack interwell tracing solution will add an additional product to our portfolio, allowing us to service our clients entire need for tracers in production surveillance and field planning.

“Furthermore, the Restrack acquisition may allow us to take the tracer technology into hitherto unknown domains of applications, including quantification of oil saturation and permeability, solutions which will represent a major advancement in reservoir management.”

Headquartered in Trondheim, RESMAN AS was established in 2005 on the basis of technology developed by Sintef and the Norwegian Institute for Energy Technology. The company’s chemical tracer and wireless technologies enable operators to monitor their reservoirs for up to 10 years without the risks and costs of intervention. Through chemical tracers at nano-concentrations, it is possible to add a zonal resolution to the well production data, providing operators with zone-specific well production data and production trends for use in production optimization and continuous well performance evaluation. To date, RESMAN’s technologies have been adopted by more than 50 oil operators worldwide, including all major operators around the globe.

Restrack supplies inter-well tracing technologies via 40 unique water tracers (seven patented) and 17 gas tracers. Tracers are injected into an injector well and detected when the tracer reaches the producing well, providing highly detailed information for operators on mapping well-to-well communications and heterogeneities, updating reservoir models and quantification of remaining oil saturation.

Øyvind Dugstad, CEO of Restrack AS, said, “By merging RESMAN and Restrack we can efficiently provide a complete portfolio of tracer technology services to the oil industry. RESMAN can take our technologies forward, and in RESMAN and their industry leading reservoir surveillance technologies we have found the perfect fit.”

Categories: Mergers & Acquisitions Industry News Well Operations Production

Related Stories

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

CNOOC Puts Into Production New Oil Field in South China Sea

Petrovietnam, Petronas Extend PSC for Offshore Block

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CNOOC Starts Production at Two New Oil and Gas Projects

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

SLB Names Raman CSO, CMO

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

Current News

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com