A company has been formed to commercialise technology that will help oil and gas companies to improve acquisition and analysis of geophysical data.
Advanced Downhole Petrophysics (ADP) is seeking up to £1million from investors to develop a prototype sensor tool that can be used in wireline logging and logging while drilling.
The company’s patented technology is now being used in the laboratory to test cores and drill cuttings.
ADP chairman Ian Murphy, who has a track record in commercialising early-stage inventions arising from university research, said the technology had been tested by one of the “big five” North Sea oil and gas explorers.
He said: “I’m really bullish about this. The oil sector is really hungry for innovation right now. They got out the first half of the oil. They know to get the next half out they are going to need some really innovative products to help them do it. The time is right for this kind of thing.”
The company’s technology was invented by Professor David Potter when he was working at the Institute of Petroleum Engineering at Heriot-Watt University in Edinburgh and was the subject of a Scottish Enterprise-funded proof-of-concept programme.
Prof Potter, now professor of petrophysics and geophysics at the University of Alberta in Canada, remains as an adviser and shareholder of ADP.
The company has secured the exclusive licence to commercialise the technology through a deal with Petroc Technologies, a Heriot-Watt University spin-out company.
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