PetroWeb Inc. is buying a segment of Neuralog LLP that provides technology for the oil and gas industry.
NeuraDB, the target, develops technology for well data management, geological data, well logs, documents and production and reserves management. Terms of the deal were not disclosed.
Denver-based PetroWeb provides geoscience, mapping and data management services to the oil and gas industry.
M&A in the oil and gas industry is spurring dealmaking in the industry’s supporting companies. In April, Honeywell (NYSE: HON) announced it is buying Rae Systems Inc., which provides gas and radiation detection systems, for $340 million, and DXP Enterprises Inc. (Nasdaq: DXPE) closed a deal for National Process Equipment Inc., which distributes pumps and other repair supplies for the oil and gas market.
Recent energy deals have include Contango Oil & Gas Co. (NYSE: MCF) and Crimson Exploration Inc.’s (Nasdaq: CXPO) decision to merge, in a deal valued at $390 million. In April, Atlas Pipeline Partners LP (NYSE: APL) agreed to buy Teak Midstream LLC for $1 billion in cash, and Midstates Petroleum paid $620 million for oil and gas properties in the Anadarko Basin in Texas and Oklahoma.