What is Precision Measurement?
Precision Measurement operates as an independent measurement service provider, focusing on the precise practice of meter proving and the strapping of crude oil production tanks. The company emphasizes its employees' specialized training in API standards, ensuring accuracy and reliability in every job. Their meter proving service is designed to offer dependable scheduling and precise data reporting, assuring clients that their meters are performing at the highest standard for accurate custody transfer measurement.
Beyond meter proving, Precision Measurement offers efficient tank strapping services to generate accurate tank tables, mitigating reliance on generic tables. They also provide comprehensive tank table management, facilitating smooth transitions during changes in purchasers and ensuring all parties receive timely data for initial settlements, thereby reducing time-consuming reconciliations and prior period adjustments. The company also addresses the need for accurate measurement during pipeline interruptions or when production flow exceeds gathering connection capacities by strapping pipeline-connected wells.
How much funding has Precision Measurement raised?
Precision Measurement has raised a total of $25K across 1 funding round:
Debt
$25K
Debt (2021): $25K with participation from PPP
Key Investors in Precision Measurement
PPP
Public-Private Partnership
What's next for Precision Measurement?
With the recent influx of substantial expansion capital, Precision Measurement is poised for significant operational scaling and market penetration. The company's strategic focus on modernizing tank strapping practices for the current shale revolution, coupled with its commitment to unbiased, precise measurement, suggests an accelerated adoption of its services. Future developments may include technological enhancements to their proving and strapping methodologies, expanding service offerings to a broader client base, and potentially solidifying their position as the industry standard for accurate crude oil measurement. This investment will likely fuel initiatives aimed at enhancing data reporting capabilities and further optimizing the efficiency of custody transfer processes across the oil field.
See full Precision Measurement company page
