UK-based Qinetiq has just spun-off a new unit, Stingray Geophysical, to develop OptaSeis, a commercial fiber optic seismic monitoring system for permanent seabed acquisition of four component time lapse (4D/4C) seismic data. Stingray has secured £6.6 million capital from a venture capital consortium led by Energy Ventures and including Norsk Hydro and Chevron’s venture capital units. Qinetiq is to retain a 20% share in the company.
Lake
Qinetiq director Stephen Lake said, ‘Stingray is an important step in the commercialization of QinetiQ’s fiber technology. We have been working on fiber optic marine sensors for 25 years for defense customers and can now bring the combined benefits of our expertise and our partners’ experience to oil and gas operators.’ OptaSeis was developed under the Stingray Joint Industry Program which began in 2002.
© Oil IT Journal - all rights reserved.