Save to read list Published by Nicholas Woodroof, Assistant Editor Oilfield Technology, Wednesday, 28 August 2019 14:00 Well Conveyor AS, a Norwegian downhole technology company, has received equity investment from Chevron Technology Ventures (CTV), a division of Chevron USA. Inc. Combined with additional investments from existing investors ProVenture and Investinor, the company raised US$1.8 million. The money from this financing round will support the qualification and commercialisation phases for the company’s Slim Battery-powered Conveyor. The Slim Battery-powered Conveyor will offer access to the increasing number of slim, horizontal and highly deviated wells, which up to now have not been serviceable with wireline type conveyance. The Conveyor has been optimised for running on batteries, with an efficient electro-mechanical design, allowing for extended tractoring distances of more than 15 000 ft. Not being dependent on power and communication from the surface allows operators greater flexibility and lower priced conveyance alternatives. The Conveyor has been designed for simplified operations and reduced maintenance, enabling the service to be provided by the regular wireline / conveyance providers. This translates into less interfacing and manpower being needed for operations. Well Conveyor has carried out extensive in-house qualification testing of the technology and is now preparing for first field trials in the US. The patented Slim Battery-powered Conveyor will serve as a platform for additional innovative and cost-effective conveyance solutions to be developed by the company. “We have greatly appreciated the support from Chevron Technology Ventures since we were accepted to the Catalyst Program early last year,” said Jan Vader, CEO of Well Conveyor. “We are excited and honoured to further strengthen the relationship through this equity investment, and continue the successful cooperation with Chevron Technology Ventures, ProVenture and Investinor as we transition from the development phase to the commercial phase of the company.” Read the article online at: https://www.oilfieldtechnology.com/product-news/28082019/well-conveyor-receives-investment-from-chevron-technology-ventures-proventure-and-investinor/ A Rystad Energy analysis shows that Canada is the oil producer most affected so far by the slump in global oil demand, with the damage estimated to reach above 1.1 million bpd in shut-in production in 2Q20. Embed article link: (copy the HTML code below):
Conveyor -based energy company Chevron Technology Ventures has invested in Norwegian downhole technology firm Well Conveyor for its battery-powered system. As part of a $1.8m funding round, the California corporation's Chevron division put money towards the Slim Battery-powered conveyor, which has an extended tractoring distance north of 15,000 ft, designed for difficult and highly deviated wells. The device's lack of dependence on surface power offers huge flexibility, while its simplified design results in less maintenance and reduced manpower necessary to operate. Notably, Well Conveyor was previously a member of Chevron Technology Ventures 's Catalyst Program acceleration scheme.