NESR Announces Investment In Qube Technologies For Methane Emissions Monitoring

National Energy Services Reunited Corp. a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, today announced an investment in Qube Technologies (“Qube”), a provider of continuous emissions monitoring technology that enables oil and gas operators to better detect, measure, and reduce methane and other greenhouse gas (“GHG”) emissions.

Founded in 2018, Qube continuously collects gas concentration, atmospheric, and other operational data to locate, quantify, and classify emissions by source and severity. In 2021, Qube received the world’s first regulatory approval to replace standard leak detection and repair (“LDAR”) practices with Qube’s continuous monitoring platform, which has been shown to lead to faster repairs that vastly reduce emissions and improve operational performance and safety.

“Being here at ADIPEC in Abu Dhabi alongside industry thought leaders like ADNOC, and following the recently-announced Saudi Green Initiative and ongoing discussions at the COP26 Climate Summit, it is clear that the oil & gas industry is moving quickly to establish leadership on energy transition and GHG emissions reduction,” said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR.

“Today’s pivotal investment and collaboration announcement with Qube will sharpen NESR’s focus in the realm of emissions detection & monitoring, technologies that will aid key MENA producers in both quantifying the overall Scope 1 & Scope 2 footprint, and also in pinpointing the source of harmful gas leaks. Emissions detection, in conjunction with water management, flare reduction, and other key subsegments encompass a multi-pronged NESR ESG Impact growth strategy that mirrors the multi-faceted customer approach to upstream decarbonization. We are excited to foster Qube’s unique, metal-oxide sensor technology and software platform in the MENA region, in collaboration with their team and with our joint investors, including SCF Ventures.”

Strategic investors joining the funding round include SCF Ventures (“SCF”), the early-stage investment vehicle within SCF Partners, a leading equity capital and strategic growth fund in the energy services sector; individuals from Pine Brook, a private equity firm that specializes in business building and growth investments in energy and other areas; and Ian Bruce, former president and CEO of Peters & Co., a leading Canadian energy investment bank. Qube Technologies will be featured at ADIPEC at the NESR stand No. 5350 in Hall 5.

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