Quorum Software, the leader in digital transformation for the oil and gas industry, said Feb. 5 that PetroCap LLC, an oil and gas private equity investment firm based in Dallas, Texas, selected Quorum's cloud-based Upstream On Demand solution as a preferred operational and accounting software option for its partner companies.
This solution allows PetroCap to streamline financial and operational reporting across its projects in addition to bringing best-in-class technology to their partners.
“When searching for the right solutions to help our entire portfolio, we knew we needed a partner whose technology could scale, be implemented quickly, and give us the visibility we need across our investment operations, including everything from accounting to land to production,” Lane Britain, a partner at PetroCap, said.
Quorum’s Upstream On Demand software is a true multitenant SaaS solution designed for both operators and their private equity backers that need cost-effective solutions that are simple to deploy, easy to use and do not require extensive IT resources.
“Growth stage upstream companies are focused on capital discipline and operational efficiency,” Soroosh Seyhoon, vice president of sales, Quorum Software, said. “PetroCap’s use of Upstream On Demand represents an innovative application of the cloud solution that reduces the complexity of operations across its portfolio of companies. This makes all the sense in the world for a growth-minded E&P company looking for a competitive advantage and strong partnership from an investor.”
Trafigura has applied with U.S. regulators for permits to build an offshore crude export terminal off Corpus Christi, Texas, to transport 500,000 bbl/d of U.S. shale to buyers in Europe and Asia.
The only vessel to head to China from the United States this year was the Adam LNG, which left Cheniere Energy Inc's Sabine Pass export terminal in Louisiana on Jan. 30, according to the shipping data.
The U.S. Energy Department on July 6 approved the export of up to 1 Bcf/d of LNG from the proposed Jordan Cove terminal in Oregon, a move it said would ease U.S. sales of the fuel to Asian markets.