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.”
Quorum CEO Gene Austin said he expects the company’s latest acquisition of Denver-based EnergyIQ will help E&Ps fully capitalize on data to operate leaner and with greater confidence.
The move comes as the UAE, a key member of OPEC, looks to achieve gas self-sufficiency and become a net gas exporter.
CGG wrapped up its last seismic acquisition contract in Tunisia, marking the company’s exit from the seismic data acquisition business.