Petroleum Place

What Petroleum Place does

Petroleum Place was founded in 1999 and headquartered in Englewood, Colorado, originally positioned as a leading portal and marketplace for the upstream petroleum industry. Its 2000-era capital base reflected that positioning: a $60M Round 4 included strategic investors such as EOG Resources, Forest Oil, Tom Brown, Unocal, Expand Energy, and Halliburton Energy Services alongside financial investors including Goldman Sachs, J&W Seligman, L Catterton, NeoCarta Ventures, and Wasserstein Perella, with Winfield Capital Corp taking the lead on a subsequent transaction. That mix of operators, oilfield services incumbents, and institutional capital is consistent with a B2B platform targeting the upstream ecosystem rather than a consumer marketplace.

Petroleum Place was subsequently consolidated into the broader upstream software franchise now marketed as IFS Upstream Oil and Gas. The current product is a unified platform-plus-modules architecture spanning four operational modules — Production Operations, Oil & Gas Accounting, Land Management, and Geospatial Information (the latter derived from the long-tenured Tobin line) — connecting business processes and data from field through financials across the full upstream lifecycle from lease acquisition through production accounting and revenue/JV allocation. The platform claims coverage of over 50% of wells in the U.S. and thousands of wells worldwide, supported by capabilities in volume allocations, field data capture and validation, real-time event and alert monitoring, and AI-enabled mapping. Layered services — IFS Success, IFS Consulting Services, Business Process Outsourcing, and IFS Support — sit on top of the licensed software.

The current organization size of 501–1,000 employees and the breadth of the product and services portfolio suggest an enterprise-software business model combining platform licensing with recurring services and outsourced operations for upstream operators, rather than transactional marketplace economics. The portal/marketplace identity of the original Petroleum Place business has been subsumed into this integrated vertical software franchise, and revenue mechanics today are most likely a mix of multi-year enterprise licenses, implementation services, and BPO contracts rather than per-listing or per-transaction fees.

Name

Petroleum Place

Website

https://petroleumplace.com

Company type

Private

Founded year

1999

Headcount range

501–1,000 employees

Short description

Petroleum Place was founded in 1999 as a portal and marketplace for the upstream petroleum industry and is now part of the IFS Upstream Oil and Gas platform, serving E&P operators with production operations, oil and gas accounting, land management, and geospatial software plus professional and outsourcing services.

Ownership category

akta.pro rank

Headquarters

HQ city

Englewood

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Core offering

Petroleum Place operates as one of the leading portals and online marketplaces for the upstream petroleum industry. Beyond the marketplace/portal function, the source data ties the brand to an upstream oil and gas software platform with modules for production operations, oil & gas accounting, land management, and geospatial information, supplemented by consulting, BPO, support, and customer success services.

Product overview

IFS offers a unified platform-plus-modules architecture for upstream oil and gas operations. The core IFS Upstream Oil and Gas Software platform connects business processes and data from field through financials, supporting the entire asset lifecycle from lease acquisition to decommissioning. The platform integrates four key operational modules: Production Operations (for well and asset performance optimization), Oil & Gas Accounting (for revenue and joint venture accounting), Land Management (for mineral rights and lease tracking with AI-enabled mapping), and Geospatial Information (for geological analysis and asset evaluation). These are complemented by professional services including IFS Success, IFS Consulting Services, Business Process Outsourcing, and IFS Support Services. The software leverages industrial AI and advanced analytics to deliver real-time insights across the entire upstream operation.

Differentiator

Problem solved

Functional benefit

Products and services

• Petroleum Place Portal & Marketplace Online portal and marketplace dedicated to the upstream petroleum industry, serving as a destination for upstream oil and gas buyers and sellers.
• Upstream Oil and Gas Software Platform Comprehensive software platform designed for upstream oil and gas operators, connecting business processes and data from the field through financials across the asset lifecycle, from lease acquisition and land administration to field operations, production accounting, revenue and JV accounting.
• Production Operations Production optimization software managing asset performance for over 50% of wells in the U.S. and thousands worldwide. Supports accurate volume allocations, field data capture and validation, real-time data visualization, event and alert monitoring, and seamless shift handovers.
• Oil & Gas Accounting Accounting software that provides a 360-degree view of upstream financial performance, with capabilities for complex revenue allocation and joint venture accounting and data to support stakeholder decisions and regulatory compliance.
• Land Management Software for managing land and mineral rights, tracking ownership, interests, and agreements, with AI-enabled and interactive mapping, automated recommendations, and one-click data analysis supporting title management, lease acquisition, and land administration workflows.
• Geospatial Information (IFS Tobin) Intelligent geospatial data and information solutions for maintaining enterprise datasets, enabling geological analyses for asset evaluation, supporting land and lease decisions, and providing visibility into future opportunities; heritage of nearly a century in this space.
• IFS Success (Customer Success) Customer success service that helps oil and gas organizations achieve operational excellence and long-term strategic goals through tailored success plans, proactive guidance, and measurable outcomes.
• IFS Consulting Services Consulting services to help upstream oil and gas operators optimize their software deployment, ensuring successful implementation, adoption, and long-term value realization.
• Business Process Outsourcing for Upstream Oil and Gas Outsourcing services providing upstream oil and gas companies with outsourced talent, capabilities, and technologies to achieve business goals.
• IFS Support Services Support services providing oil and gas customers with proactive monitoring and rapid issue resolution to ensure minimal downtime and maximum productivity.

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• Rystad Energy: Rystad Energy is an independent upstream research and analytics provider with a software/SaaS layer; while smaller than Wood Mackenzie or S&P, it increasingly competes for upstream operator analytics budgets.
• Rigzone: Rigzone operates a leading online portal and marketplace for the upstream oil and gas industry — closely aligned with Petroleum Place's stated 'portal and marketplace' positioning across jobs, news, and transactions.

Direct peers

• Quorum Software: Quorum provides upstream-focused oil and gas software for production, accounting, and land — directly comparable in product breadth and target buyer to Petroleum Place's upstream operator focus.
• Enverus: Enverus is an energy data, analytics, and SaaS marketplace for the upstream industry — a like-for-like upstream intelligence and marketplace platform competing for the same operator wallet.
• P2 Energy Solutions: P2 Energy Solutions offers upstream oil and gas software spanning production operations, land management, accounting, and analytics — the same workflow footprint as Petroleum Place and serving the same U.S. operator buyer.
• EnergyIQ: EnergyIQ delivers upstream data management and operational software for oil and gas operators, including production, accounting, and land workflows, making it a close comparable to Petroleum Place's stack.
• Tieto Energy / IFS Energy & Resources: Tieto's energy business (later merged into IFS) historically housed the Tobin and Petroleum Place upstream software assets, providing direct feature-level overlap in production operations, JVA accounting, and land management.

Others

• DrillingInfo (now Enverus): DrillingInfo was an upstream data marketplace before being absorbed into Enverus; it represents the consolidation arc for vertical upstream marketplaces and is relevant as a peer via its current Enverus identity.

Broad incumbents

• Wood Mackenzie: Wood Mackenzie is an established energy research and analytics incumbent covering upstream asset evaluation, comparable to Petroleum Place's geospatial/asset-evaluation functionality, but as a broader data and advisory franchise.
• S&P Global Commodity Insights: S&P Global Commodity Insights (incorporating the former IHS Markit energy business) is a broad energy data and analytics incumbent serving upstream, midstream, and downstream markets with substantial overlap in upstream intelligence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/p2energy
• Facebookfacebook.com/p2energysolutions

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petroleum Place