A new technology to support deep-sea oil exploration from University of Edinburgh
MTEM (Multi-transient Electromagnetic Technology), a spin-out company from the University of Edinburgh, markets a technology which allows the detection of hydrocarbons in deep underground reservoirs. Oil companies can use the technology to detect the presence of oil before drilling; potentially saving huge costs: it is estimated that more than a billion barrels of oil could be found using the technology.
MTEM stems from basic research conducted by Professor Anton Ziolkowski, in 1992, to test the fundamental principles behind the technique. After more than 11 years of further development, the company was founded in 2004.
MTEM’s technology has the potential to generate enormous economic returns, addressing an oil exploration market with an estimated value of around £500m. In 2007, MTEM was sold to a Norwegian oil firm for $275m.