Saudi Aramco Energy Ventures (“SAEV”) closed an investment round into Cannseal AS.
Cannseal is a Norwegian technology oil service company that has developed a proprietary annular isolation technology for enhanced oil recovery. It is headquartered in Stavanger with a staff of 18. Current shareholders include EDS Group, Statoil Technology Invest and Sumitomo Corporation.
Cannseal’s technology has been developed in close collaboration with a number of key industry players during 10 years of R&D and was last year successfully field tested with a major North Sea operator. SAEV’s investment will help further accelerate the development of the technology and will, in addition, help facilitate potential deployment of the technology into Saudi Aramco’s operations.
“We are really pleased to have invested in Cannseal and are very excited by the unique potential which it provides, not only within Saudi Aramco and Saudi Arabia, but also elsewhere around the world. We look forward to work with the management team and the other investors to help deliver the full value of the technology to the market”, says Majid Mufti, CEO of SAEV.
Gunnulf Rasmussen, CEO of Cannseal said “We are delighted to welcome Saudi Aramco Energy Ventures as an investor in Cannseal, alongside our existing investor base. We are looking forward working with the local teams at Aramco and to access their expertise in helping accelerate the commercialization of our technology. This is an exciting time for our company and we believe our technology is very well placed to help enhance oil and gas production in today’s challenging low oil price environment.”
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures 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 startups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV visit www.aramcoventures.com.
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