Cegal acquires GSES Ltd, a UK and Netherlands-based production data management solutions provider with an established international client base in the oil and gas industry, to complement their EnergyX offering and broaden their global reach.
GSES Ltd, headquartered in Aberdeen, is recognized for its deep domain knowledge and experience serving major oil and gas companies with complex hydrocarbon accounting needs.
Dagfinn Ringaas, CEO of Cegal, says: 'The acquisition of GSES represents another important step forward in our mission to become the leading global tech company for the energy sector and contribute to the green shift. GSES’s expertise in hydrocarbon accounting is a perfect complement to our existing EnergyX product portfolio.'
Read about how Cegal EnergyX offers full control of the gas from the Norwegian Continental Shelf >
Cegal’s EnergyX portfolio comprises modern, cloud-based software that offers unparalleled hydrocarbon accounting, management, and allocation efficiency. EnergyX provides energy producers total control over production and emissions, spanning field operations, volumetric and contractual allocation, contract pricing and valuation, revenue distribution, payments processing, taxation, and royalty management.
GSES Ltd will be part of the EnergyX team and use its comprehensive hydrocarbon accounting experience to sell and implement Cegal’s EnergyX portfolio to new and existing customers. As part of Cegal, will GSES bring more experts and a broad customer base in the UK and globally that will benefit from Cegal’s EnergyX portfolio.'
Scott Goodwin, Managing Director of GSES Ltd, says: 'By becoming part of Cegal, we will be part of a larger milieu of hydrocarbon experts and will use our expertise to sell, implement, and create EnergyX, the new industry standard in hydrocarbon management. Our shared vision and complementary strengths will significantly increase our clients' value.'
GSES’ team will be fully integrated into Cegal’s EnergyX group, leveraging their comprehensive hydrocarbon accounting experience to promote and implement the EnergyX portfolio for their shared global customer base. The transaction is complete and will become effective on 1 April 2024. Following the acquisition, GSES will move into Cegal's offices at Aberdeen’s global energy hub within Prime Four Business Park.
About Hydrocarbon Management
Hydrocarbon accounting, which involves measuring and reporting carbon emissions, is instrumental in promoting sustainability. It enables organizations to track and manage their carbon footprint, fostering transparency and accountability. This information empowers businesses to make informed decisions, identify areas for improvement, and implement strategies to reduce greenhouse gas emissions, contributing to overall sustainability goals and compliance with regulatory requirements.
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Source: Cegal
