Chevron Technology Ventures Selects PrePad for Catalyst Program
PrePad, a leading cloud-based SaaS startup, has been chosen by Chevron Technology Ventures (CTV) for its prestigious Catalyst Program. This program is designed to accelerate technological innovation within the energy sector. By being selected, PrePad gains a valuable opportunity to further refine its technology, which aims to optimize drilling and completions time and cost estimation.
Sean Hervo, Co-Founder and CEO of PrePad, shared his excitement, stating, "We're deeply honored to be chosen by Chevron Technology Ventures for its Catalyst Program. This opportunity is a significant milestone for PrePad, providing us with a framework to refine our technology further."
About Chevron's Catalyst Program
Launched in 2017, CTV's Catalyst Program focuses on accelerating the growth of early-stage companies that offer technologies beneficial to the energy sector. These innovations can enhance operations, drive digitalization, or reduce carbon emissions. PrePad's technology aims to revolutionize the cost estimation lifecycle for drilling and completing oil and gas wells, enhancing capital efficiency and offering greater decision-making transparency.
PrePad's Technological Advancements
PrePad's software moves beyond traditional spreadsheet-based methods, providing clients with improved strategies for drilling and completions. In a rapidly changing energy landscape with fluctuating prices, PrePad offers a streamlined solution to improve accuracy and profitability. Their platform reduces well pad planning from months to minutes, replacing complex in-house solutions with a more efficient approach.
Future Developments and Industry Recognition
Participating in the Catalyst Program will help PrePad validate and commercialize its technology further. The software is already used by leading companies like Devon Energy and Coterra Energy. Earlier this year, PrePad was recognized as a Disruptive Digital Innovator at the 2024 Global Energy Show Canada and a Top Innovator in Completions by Darcy Partners.
About PrePad
Founded in 2021 by former Shell employees, PrePad leverages non-dilutive funding from Alberta Innovates and strategic investments from industry partners. The company's cutting-edge software revolutionizes cost and time estimation for drilling and completions, helping operators optimize production balance with costs and risks.
About Chevron Technology Ventures
Since 1999, Chevron Technology Ventures has focused on identifying and supporting breakthrough technologies that enhance Chevron's energy production and delivery. Their Catalyst Program plays a pivotal role in driving innovation in the energy sector.
