MEMBER NEWS: Cegal acquires GSES Ltd to enhance their international footprint in hydrocarbon accounting and production management

March 12, 2024
MEMBER NEWS: Cegal acquires GSES Ltd to enhance their international footprint in hydrocarbon accounting and production management

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.

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.”

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.

Scott Goodwin, Managing Director of GSES Ltd, says: “By becoming part of Cegal, we will join 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 Aberdeen office within Prime Four Business Park, Aberdeen’s global energy hub. No further terms are disclosed.

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AREG has played an important role in the growth of Scotland’s renewable energy sector, engaging the supply chain and developing the European Offshore Wind Deployment Centre. However, we are only at the very beginning of the transition that AREG was established to both lead and support so there are still opportunities for companies to get into the constantly evolving renewables supply chain. We look forward to continuing our work together as renewables builds on its place as Scotland’s main source of power, and as we seek to deliver real change in the crucial areas of heat and transport.

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Aberdeen City and Shire is emerging as a key location for renewables by successfully transferring its world-class oil and gas expertise into the sector and AREG has done much to advance this through a broad range of initiatives. It has acted as a catalyst in driving further investment in the local economy by engaging with companies, Government, public bodies and existing projects and we have been pleased to support their efforts. Scottish Enterprise will continue to engage with AREG as we increase Scotland’s use of renewable energy.

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