A San Diego startup that specializes in the development of electromagnetic sensor systems that gather data about subsurface substances, such as oil and gas, has teamed up with one of the biggest names in the energy industry.
San Diego’s GroundMetrics is partnering with Texas-based Halliburton (NYSE: HAL), one of the world’s largest oil field services firms, to provide the corporation’s customers with more detailed data about their oil fields. Financial terms of the agreement were not disclosed.
GroundMetrics’ technology, which provides something like an MRI for what’s underground, has been used by energy companies previously to make better decisions about where to drill.
The partnership with Halliburton, which has operations in 70 countries and reported $15.88 billion in revenue for 2016, will be used to potentially improve the volume of oil extracted by its clients.
The San Diego tech firm’s technology is most helpful in fields where wells were previously sunk – mature fields, in industry parlance – or those considered “unconventional” because of the special techniques required to extract oil or natural gas from them, the company said.
“Collaborating with GroundMetrics accelerates and deepens our ability to provide operators with greater subsurface insight of their reservoirs,” said David Topping, vice president of Halliburton’s wireline and perforating product service line, which offers clients methods to maximize production. “The technologies and expertise we’re bringing together can play a significant role in helping our customers reduce exploration and development costs and increase oil production.”
GroundMetrics was spun out of San Diego-based Quasar Federal Systems in 2010 by CEO George Eiskamp. Since then the company has raised roughly $10 million from angel investors to commercialize their sensor systems and further innovation.