SHELL Technology Ventures (STV) has increased its stake in technical services company WellDog following a trial of its shale gas reservoir testing service.
In an announcement released by WellDog, STV spokesman Carl Stjernfeldt said his company had been pleased with WellDog’s performance since its initial investment in the group in 2014.
“In fact, following a couple of field trials, the strengthening of their leadership team, and further evolution of their product vision, we decided to increase our ownership. We look forward to their continued success,” he said.
The initial development collaboration aimed to adapt WellDog’s reservoir raman system to finding sweet spots in shale gas and oil formations.
The new service is directed at identifying the locations where natural gas and natural gas liquids occur in shale formations, allowing producers to focus development efforts, reduce drilling costs, optimise production, and reduce the number of hydraulic fracturing stages and associated water usage.
WellDog said the recent downturn in oil prices has heightened industry interest in using such services to reduce the number of non-performing hydraulic fracturing stages during shale gas and oil well completions.