Saudi Aramco Energy Ventures LLC Announces an Equity Investment into InflowControl AS
DHAHRAN, Saudi Arabia and PORSGRUNN, Norway, August 28, 2013-- Saudi Aramco Energy Ventures LLC (“SAEV”), the corporate venturing subsidiary of Saudi Aramco, today announced the closing of an equity investment into InflowControl AS.
InflowControl was established in May 2011 to focus on increasing the recovery and production from oil reservoirs by the use of innovative downhole inflow control devices. The company is commercializing its new product, the Autonomous Inflow Control Valve (“AICV®”).
In most oil wells, unwanted fluid production, such as gas and/or water, will occur and limits oil production and recovery. The new AICV® will autonomously and completely shut off gas and water ingression, while allowing production to continue from other inflow zones along the well. The AICV® is completely self-regulating, and does not require any form of control, electronics or connection to the surface. Further, the AICV® is reversible, thus allowing the oil to flow again when the water or gas fluid has migrated and are no longer present in the affected zone.
The AICV® will provide its customers with substantial economic benefits in the form of increased oil production and ultimately increased oil recovery, and removes the risk, cost and requirement for separation, transportation and handling of unwanted fluid. InflowControl is currently in the process of qualifying and piloting the first application of the AICV®.
This is the first round of institutional funding for the company.
Vidar Mathiesen, CEO, InflowControl said: “We are delighted to have received this investment from SAEV. In addition, the Middle East is an important region for our business and the backing of SAEV will help provide the credibility and support we need to bring our innovative technology into the market. We are looking forward to demonstrating the full potential and advantages of the AICV® technology.”
About Saudi Aramco Energy Ventures - Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.
For more information about SAEV, please visit www.aramcoventures.com.
About InflowControl – InflowControl AS, based in Porsgrunn, Norway, is a technology company led by an innovative team with a proven track record in developing new inflow control technology. The company is commercializing its proprietary Autonomous Inflow Control Valve (“AICV®”) technology, and is currently in the process of qualifying and piloting the AICV® technology for different reservoir types. The company is Achilles certified as a supplier for the Oil Industry in Norway and Denmark.
For more information about InflowControl, please visit www.inflowcontrol.no, or contact Vidar Mathiesen, email@example.com, + 47 93 09 61 93.
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