ConocoPhillips and Chevron Contribute to Ziebel Funding Round
Ziebel, a Stavanger-based provider of specialist well intervention services to the oil and gas industry, announced today that it has closed a round of growth capital raising US$ 10 million. The funding was secured from lead investor ConocoPhillips Technology Ventures, along with Chevron Technology Ventures, and Energy Technology Ventures. Existing Ziebel investors Energy Ventures, Viking Venture, Jebsen Asset Management, Investinor, and Klaveness Invest also participated in the round.
Ziebel develops and provides game-changing well intervention technology for the oil and gas industry with its proprietary fibre optic composite rod technology, the Z-System™. The proceeds from this investment will assist Ziebel in completing product development and commercialisation of its technologies.
Visualising the entire wellbore increases production, enhances understanding
“The ability to access and visualise the entire wellbore in real-time in challenging well environments allows ConocoPhillips to increase production from our existing assets through enhanced understanding of our reservoirs,” said Ram Shenoy, chief technology officer of ConocoPhillips. “We believe this technology makes a difference in our ability to produce oil and gas in a more efficient manner.”
“Working with Tier One oil and gas companies like ConocoPhillips and Chevron as both customers and investors greatly enhances Ziebel’s ability to grow value for its customers and shareholders,” said Carel Hoyer, chairman of Ziebel.
Developing new fibre optic technology
To date, Ziebel has performed more than 60 commercial well intervention runs for IOCs, NOCs and large independents, most recently in the North Sea and the Middle East.
Ziebel is currently completing prototype testing of a new service called Z-Line™, a composite fibre optic line. It is a miniaturisation of the Z-system™, allowing for more cost-effective operations targeting well integrity, gas-lift optimisation and flow characterisation in non-horizontal wellbores globally.
“There is a great deal of interest in our technologies,” said Stig Hognestad, chief executive officer of Ziebel. “This additional funding provides us with the resources to accelerate the scale-up of our operations to service our growing customer base. In addition, it allows Ziebel to continue investing in the development of our unique system for better understanding of well behaviour, flow characterisation, and well integrity.”