Penn Energy DATA (PED) parent PennWell is throwing in the towel on its upstream data business. PennWell is seeking to ‘divest or partner’ its permit, well, and production data business and focus instead on its core competencies of publishing, conferences and exhibitions. PED was created to market the ex-PI/Dwights dataset that the old PennPoint unit acquired.
Despite selling the dataset at ‘a fraction of the cost of IHS Energy’, the unit failed to achieve commercial success. PED has a staff of around 15 plus 5-10 scouts maintaining the database. PED operations have been suspended pending the search for interested buyers or partners for the business.
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