Petrospec gains Qorex to expand downhole fiber-optic sensing offerings
Petroleum reservoir monitoring solutions company Petrospec Engineering Ltd. has acquired Qorex, LLC (Rocky Hill, CT). Petrospec provides turn-key and emerging unconventional resources companies with downhole pressure, temperature and flow monitoring equipment for thermal heavy oil applications. Petrospec also provides well optimizing, petroleum engineering, and petroleum field services to oil production companies across the globe.
Qorex, formed in 2007, designs, engineers, and supplies harsh-environment fiber-optic sensing systems in oil and gas and emerging geothermal wells. The Qorex founders have more than 50 years of combined fiber-optic experience, the past 12 years in upstream oil and gas sensor system design and commercialization, including the successful introduction of downhole monitoring products in the difficult thermal recovery sector. Petrospec says it is particularly pleased to have the Qorex founders, together with their entire technical and operations team in Connecticut join its organization. Qorex engineering and factory operations are housed in a modern, purpose-built facility with dedicated system integration and calibration laboratories. Qorex will operate as a wholly owned subsidiary of Petrospec and continue operations in Connecticut, reporting into the Petrospec head office in Edmonton.
In early 2011 Petrospec received investment capital from Fulcrum Capital Partners (formerly HSBC Capital, Canada) to facilitate a management buy-out and to fund business expansion and growth. The addition of Qorex is consistent with Petrospec's business plan to be a leading oilfield technology and services provider, and is especially synergistic with Petrospec's reservoir monitoring and production optimization product offerings. Together with the strong backing from Fulcrum Capital Partners, the combined organization says it will continue to develop and introduce innovative optical products to this market.