Under the terms of the agreement, the oilfield services company has acquired a global license to deploy WellSense FiberLine Intervention (Fli) technology for use in well stimulation monitoring.
WellSense, a FrontRow Energy Technology Group company, will continue to deploy the technology globally for all other oil and gas applications, including well plug and abandonment (P&A), well integrity and leak detection, as well as carbon capture, utilization and storage (CCUS).
Annabel Green, CEO of WellSense, said: “The successful completion of this deal is a defining moment for WellSense and for our parent company, FrontRow Energy Technology Group. Not only is it a strong industry endorsement of our technology and the value it delivers, but it is also our business model of bringing new and innovative solutions to market.
“Our unique bare fiber dynamic despooling technology delivers superior data quality for a detailed subsurface understanding. Unlike other well monitoring techniques, it provides a lightweight offline intervention solution with disposable probes for significant efficiency savings and reduced risk.
“Meeting the complex challenges of upstream oil and gas requires the adoption of technologies that fundamentally improve how the industry operates. This agreement is the result of a decade of focused innovation, collaboration, and delivery, and I would like to extend my sincere thanks to all our employees, past and present, whose dedication has built the strong foundation that made this success possible.”
Fli, which has been in development since 2015 when WellSense was established by Dan Purkis with backing from FrontRow, commenced commercial operation in 2018, with approximately £4 million invested in the product to date.
For FrontRow Energy Technology Group, which was incorporated in 2016, with backing from BGF in 2017, the completion of this transaction marks the first time it has sold a stake in one of its group’s technologies.
Steve Kent, CEO of FrontRow, said: “This deal is a major milestone for FrontRow and is a clear example of how UK-born innovation can solve industry challenges and attract global attention.
“This is FrontRow’s first commercial licence sale and a landmark in our journey. It demonstrates that innovation, when nurtured with the right expertise and support, can deliver technical success as well as real commercial value.”
The FrontRow Energy Technology Group also includes Unity, DTI, and ClearWELL and is focused on delivering value to the energy industry by solving production and decommissioning challenges through innovation and new technology.
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