Geonaft (Geonavigation technologies)

The Geonaft (Geonavigatsionnye tekhnologii LLC) company was founded in 2010.

Types of activity

Core activity of the company as of 2016 is creation of software packages for design and management of development of fields of hydrocarbons. In particular, the company is engaged in production of the software for maintenance of directional drilling of wells and also renders a full range of services in the field. The company has all necessary permissions and certificates to the right of providing such service according to acts of the Russian Federation. Software development is conducted on the basis of the international standards of quality control behind software development. The company actively works in an oil and gas sector, cooperating with the largest Russian to the oil and gas extraction companies; constantly increases a range of the provided services and expands zones of the action.

The company competes with so-called "Big Four" – world suppliers of technologies for complex assessment of layer, construction of wells and management of hydrocarbon production. Clients of GTI are Gazpromneft, Rosneft, Slavneft, Bashneft, Lukoil and other oil and gas and oilfield service players of the market. The company sold more than 90 licenses of the software product in 10+ of the oil and oilfield services companies. With its participation more than 1000 horizontal wells are drilled.

Stishenko Sergey, founder of GTI: "Today any producer in the world does not offer a single platform for drilling maintenance. For the solution of all tasks the oil and oilfield services companies should buy software from different suppliers. The last developments of GTI are directed to the solution of this problem. In December we will provide to the market the first Russian product in the field of geomechanics, and at the beginning of 2017 we will issue the first-ever full-function platform for 'smart drilling' which will increase the speed of construction of the well, will cardinally reduce risks of drilling and will increase cost efficiency of development of oil and gas fields. In our mid-term plans – development of several new products, including robotic solutions for a boring column".

History

2020: Geonavigation technologies replaced the brand name with "Geonaft"

The Geonavigation Technologies company announced on February 19, 2020 (GTI) change of the name with "Geonaft", by name a key product — a software package for maintenance of development of fields. Legal data of the company at the same time did not change.

Under the Geonaft brand the company intends to continue development of the complex of the same name and also to add it with new digital solutions for maintenance of construction of wells. Being based on own experience and industry expertize and also on the innovative developments of Tsifra group, the company expects to increase much efficiency of methods of remote maintenance of drilling.

2019: "Digit" purchased for $9 million a controlling stake in the company

On September 19, 2019 the Tsifra company announced TAdviser that it purchased for $9 million a controlling stake in the Geonavigation Technologies company working under the Geosteering Technologies brand.

Key product of Geonavigation technologies - the software package "Geonaft", special for our country, allowing to perform the most exact drilling in the layer helping to extract the maximum quantity of hydrocarbons.

Good results of maintenance of drilling are provided with combination of geonavigation, petrophysics and geomechanics in one product and use of Artificial Intelligence for solving of tasks of the automated geonavigation. Developments of Geonavigation technologies increase performance of wells to 30%, reduce construction terms to 2 times and at the same time reduce production and technological hazards, reduce unproductive time. Economic effect as a result of drilling with "Geonaft" can reach 1.5 million dollars a year from one well. Using the PC of Geonaft drilling more than 4000 wells, both on the land, and at the sea is already accompanied.

Global market of the digital field is estimated in more than 3.3 billion dollars.

At the end of 2018 nearly a half (48%) of the general passing is the share of horizontal drilling, it is 19% higher, than was in 2017. The number of vertical wells continues to decrease critically, along with it there is a question of maintenance of profitability, in particular, in the field of shelf production in the Arctic more and more sharply.

The digital direction is one of the most perspective in the market of high technologies in oil production. The era of simple vertical drilling on traditional fields comes to an end, and the future — behind technologies which allow to remain effective and when developing difficult stocks. This investment will allow Digit to create the technology base in the oilfield service market in Russia and abroad. Until the end of 2020 we are going to enter the traditional markets of oil production, in particular, to Gulf States and Southeast Asia, said Bogachyov Igor, the CEO Digit

the Transaction with Digit will allow to reach rapid growth due to synergy effect — consolidation of physical modeling, than the company is engaged 9 years, with technologies of methods of machine learning, artificial intelligence, industrial Internet of Things in the field of process optimization of development of oil and gas fields,

The Geonavigation Technologies company is a participant Skolkovo since 2015 and already began to work with most the largest oil companies of the Russian Federation. We join in as providing grant financing on development of modules of their software package, and helping them with interaction with the Russian and foreign oil and gas companies. During participation in the Skolkovo project the company submitted a number of applications for patents and multiply increased the revenue. I am sure that developments of the company have considerable perspectives both in Russia, and in foreign markets and is sure that cooperation with Tsifra company will give an additional impulse to their development, commented on the transaction Dubnov Oleg Markovic, the Vice president, the chief executive of a cluster of energy efficient technologies Fonda "Skolkovo

2016: Geonavigation technologies attracted $2 million investments

The resident of a cluster of energy efficient technologies of Skolkovo Foundation GTI company (Geonavigation technologies) attracted investments for the amount of $2 million. B round (the investment spent for development and growth of business) was headed by the AYR company working in the field of direct investments, private investors, including investment group from an oil and gas sector and also the current investors of GTI - Phystech Ventures and North Energy Ventures venture funds participated in the transaction. Acted as the financial advisor investment service of Skolkovo Fund.

The product of Geonaft company – a professional software for geonavigation – allows in several (to 10) time to reduce costs of the oil and gas companies which keep from several hundred thousands to several million dollars when drilling one well.

The funds raised as a result of the mentioned transaction will be allocated for completion of development of new software solutions – geomechanics and petrophysical interpretation. Each of them opens the companies the new markets comparable by the sizes to the geonavigation market which is estimated by experts in more than $1 billion. In the short term of GTI also plans aggressive geographical expansion to the USA and for the Middle East.

Geonavigation maintenance already is an industry standard at construction of horizontal wells in the USA, Canada, projects in the North Sea and becomes the standard in Russia. Thanks to developments of GTI the speed of drilling increases to 2 times, productivity of future well increases by 2-3 times, and its profitability - by 3-5 times.

Sergey Yartsev, investment manager of AYR: "A trend of the last years in energy-tech – the serious shift of venture interest from classical clean-tech in developments of technologies of energy efficiency for a traditional power engineering, in particular, to energy-tech for oil industry. In this context of GTI – investment attractive player of the perspective market. The oil and gas companies see benefits of construction of horizontal wells which profitability is 3-4 times higher than vertical. On the average well only in a year the difference can make $5.5 million Software to this reason both the world, and Russian volume of horizontal drilling grows despite a price performance on oil and the general falling of drilling. In the USA and in the Middle East the share of horizontal wells is in the region of 80% of all borehole fund, in Russia this indicator reached 30% and continues to grow. At the same time, construction of horizontal wells much more costly, and the oil companies actively use technologies of increase in efficiency of drilling. Geonavigation is applied on the majority of horizontal wells in the world, in Russia all horizontal wells are drilled using such technologies as costs for them are tens times lower than result value added. Each meter of a horizontal trunk drilled out of layer with hydrocarbons brings out of development for lifetime of the well up to 3000 tons of hydrocarbons ($0.9 million), and loss of the well in case of an error of a trajectory can cost up to $100 million".

2015: Resident Skolkovo

Since 2015 the GTI company (Geonavigation technologies") is a resident of Skolkovo Foundation.

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