UK-based MTEM has developed a revolutionary new technology (Multi-Transient Electro-Magnetic) which produces resistivity profiles over prospective reservoirs to identify hydrocarbons before committing to costly drilling programs.
One of the largest-ever spin-outs from a UK university, MTEM was founded by a team from the University of Edinburgh’s School of GeoSciences. The company has raised £7.4 million initial capital from HitecVision and other investors to commercialise its leading edge survey technology. The MTEM (multi-channel transient electromagnetic) technology is based on a step-change geophysical method that can determine whether deep underground reservoirs contain hydrocarbons before drilling and may also be used to find hidden oil in mature producing fields.
MTEM was sold to Petroleum Geo-Services ASA (OSE, NYSE: PGS) in June 2007.