Defence firm QinetiQ announced Thursday that its OptaSense distributed acoustic sensing (DAS) business has signed follow-on contracts with Shell.
The contracts, which it says 'set a clear roadmap' for the provision of services over the next three years, include one for customer-funded product development, worth £10m, which will focus on new tools for flow monitoring, as well as enhancements to proven tools for hydraulic fracture monitoring and vertical seismic profiling (VSP).
In addition, VSP will be added to the global commercial framework agreement, giving any Shell business worldwide access to OptaSense services under a standard set of terms and conditions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Furthermore, other companies across the oil and gas industry will be given access to OptaSense services that were previously exclusive to Shell.
QinetiQ Chief Executive Officer Leo Quinn said: "We are delighted that our relationship with Shell is continuing with the further development of OptaSense applications for the downhole oil and gas market.
"This is a key step in realising the potential of OptaSense, by deploying its technology within a services model throughout Shell, as well as to other oil and gas companies."
NR
