OptaSense signs $10 million contract with Shell
HAMPSHIRE -- OptaSense, a QinetiQ company, has today announced the results of a 3 year exclusive testing period with Shell and signed contract extensions valued at $15 million with the operator to continue product development.
OptaSense specializes in creating distributed fibre sensing solutions, which use fibre-optic cables in-wells or running alongside pipelines and other installed infrastructure to act as virtual microphones.
The new contracts with Shell include:
• Customer-funded product development, worth $15 million, 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);
• The addition of VSP to the global commercial framework agreement, which gives any Shell business worldwide access to OptaSense services under a standard set of terms and conditions;
• Access for other companies across the oil and gas industry to OptaSense services that were previously exclusive to Shell.