RESMAN Announces Acquisition of Restrack
Trondheim, Norway, 19.12.18. RESMAN AS, a leader in well and reservoir surveillance and intelligent tracer systems, today announced that it has agreed to acquire Restrack AS, a tracer service provider, 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 & 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.
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.”
He continues: “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.”
His words were backed up by Øyvind Dugstad, CEO of Restrack AS: “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. We look forward to working together in setting the standards for intelligent tracer systems worldwide.”
Headquartered in Trondheim, RESMAN AS was established in 2005 on the basis of technology developed by Sintef and the Norwegian Institute for Energy Technology. RESMAN’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 innovative 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.
For Further Information
Gunnar Hviding, CEO, RESMAN AS. Tel: +47 91 53 23 93 E-mail: firstname.lastname@example.org