Houston company's new joint venture to bring AI into upstream

teaming up for tech

The companies say their partnership is “aimed at revolutionizing the landscape of science-backed decision-making in the upstream energy industry.” Photo via Getty Images

Houston-based GeoMark Research and Peachtree Corners, Georgia-based Senslytics have formed a joint venture that will bring AI-fueled data and analysis to the upstream energy industry.

GeoMark Research provides geochemical and PVT (pressure, volume, temperature) data and analysis, while Senslytics produces AI software for the energy industry. The companies say their partnership is “aimed at revolutionizing the landscape of science-backed decision-making in the upstream energy industry.”

Among other things, the joint venture will:

Combine GeoMark’s geochemical and PVT data repository with Senslytics’ AI algorithms to develop applications for various aspects of fluid property estimation during the drilling process.
Provide tools that help subject matter experts “train” AI tools for data-driven decision-making.
Contribute to thought leadership in the AI and geochemical/PVT sectors through vehicles such as conferences, webinars, and publications.

“GeoMark Research is passionate about using our data and expertise to advance subsurface fluid understanding. Faster, better information improves our customers’ free cash flow. We are thrilled to partner with Senslytics and embark on this transformative journey together,” Ethan Brown, president of GeoMark, says in a news release.

Blake Bixler, CEO of Senslytics, adds: “Together, we will push the boundaries of what AI can achieve by unlocking insights from our two companies’ technical experts.”

GeoMark was founded in 1991 with the goal of performing regional oil studies in newly explored basins.

Today, the company operates three labs that provide geochemical services, studies, and databases. The labs are in Houston, Humble, and Lafayette, Louisiana.

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Robotics co. with growing Houston presence closes series B

money moves

Houston- and Boston-based Square Robot Inc. closed a series B round of funding last month.

The advanced submersible robotics company raised $13 million, according to Tracxn.com, and says it will put the funds toward international expansion.

"This Series B round, our largest to date, enables us to accelerate our growth plans and meet the surging global demand for our services,” David Lamont, CEO, said in a statement.

The company aims to establish a permanent presence in Europe and the Middle East and grow its delivery services to reach four more countries and one new continent in Q1 2025.

Additionally, Square Robot plans to release a new robot early next year. The robot is expected to be able to operate in extreme temperatures up to 60 C. The company will also introduce its first AI-enabled tools to improve data collection.

Square Robot launched its Houston office in 2019. Its autonomous, submersible robots are used for storage tank inspections and eliminate the need for humans to enter dangerous and toxic environments.

The company was one of the first group of finalists for the Houston Innovation Awards' Scaleup of the Year, which honors a Bayou City company that's seen impressive growth in 2024. Click here to read more about the company's growth.

SLB awarded Petrobras contract for subsea seawater injection systems in Brazil

JV deal

Houston energy technology company SLB announced a contract award by Petrobras to its OneSubsea joint venture for two subsea raw seawater injection systems to increase recovery from the prolific Búzios field in offshore Brazil.

The subsea RWI systems will work to increase the production of floating production storage and offloading (Petrobras FPSO) vessels that are currently bottlenecked in their water injection capacities.The RWI systems, once operational, can reduce greenhouse gas emissions per barrel of oil.

“As deepwater basins mature, we see more and more secondary recovery opportunities emerging,” Mads Hjelmeland, CEO of SLB OneSubsea, says in a news release. “Subsea raw seawater injection is a well-proven application with a strong business case that we think should become mainstream. By placing the system directly on the seabed, we free up space and reduce fuel needs for the FPSOs as well as lessen the power needs for the injection systems. It’s a win-win for Petrobras, and one that we are very excited about.”

SLB OneSubsea works to “optimize oil and gas production, decarbonize subsea operations, and unlock the large potential of subsea solutions to accelerate the energy transition,” per to the company.

SLB OneSubsea is contracted to provide two complete subsea RWI systems to support Petrobras’ FPSOs P-74 and P-75. They will consist of a subsea seawater injection pump, umbilical system and topside variable speed drive. In addition,the team will also provide technical support using AI-enabled Subsea Live services, which includes condition monitoring and access to domain experts.

“This contract will consolidate our solid local content presence in the country, contributed by the largest manufacturing plants and state-of-the-art subsea service facilities in Brazil,” Hjelmeland continues.

3 things to know this week: Fervo's fresh funding, recapping 2024, and more

taking notes

Editor's note: Dive headfirst into the new week with three quick things to catch up on in Houston's energy transition.

Year in review: Rounding up 2024's recap

As the year comes to a close, EnergyCapital is looking back at the year's top stories in Houston energy transition. So far, the Year in Review section has covered top guest columns, trending research news, and more. Read each roundup below.

Fresh funding: Fervo Energy collects $255M

The deal brings Fervo's total funding secured this year to around $600 million. Photo courtesy of Fervo

A Houston company that's responding to rising energy demand by harnessing geothermal energy through its technology has again secured millions in funding. The deal brings Fervo's total funding secured this year to around $600 million.

Fervo Energy announced that it has raised $255 million in new funding and capital availability. The $135 million corporate equity round was led by Capricorn’s Technology Impact Fund II with participating investors including Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.

The funding will go toward supporting Fervo's ongoing and future geothermal projects. Continue reading.

Big deal: Expro secures $10M contract

Expro has secured a $10 million contract to provide a subsea well decommissioning solution, combining subsea safety systems and surface fluid management to support safe re-entry and fluid management for plugged and abandoned wells. Photo courtesy of Expro

Houston energy services provider Expro was awarded a contract valued at over $10 million for the provision of a well decommissioning solution.

The solution will combine subsea safety systems and surface processing design that can enable safe entry to the well and management of well fluids.

“The contract reinforces our reputation as the leading provider of subsea safety systems and surface well test equipment, including within the P&A sector,” Iain Farley, Expro’s regional vice president for Europe and Sub-Saharan Africa, says in a news release. "It demonstrates our commitment to delivering best-in-class equipment, allied with the highest standards of safety and service quality that Expro is renowned for.” Continue reading.

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