AAA $10m funding for Norway’s Ziebel

$10m funding for Norway’s Ziebel

Norway-based Ziebel produces well intervention technology that enables access and visualisation of the entire wellbore in real-time.

The $10m funding round was led by ConocoPhillips Technology Ventures and saw participation from Chevron Technology Ventures and Energy Technology Ventures.

Carel Hoyer, chairman of Ziebel, said: “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.”

To date Ziebel has performed more than 60 commercial well intervention runs, most recently in the North Sea and the Middle East.

Stig Hognestad, chief executive officer of Ziebel, said: “There is a great deal of interest in our technologies. 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 characterization, and well integrity.”

Ziebel is currently completing prototype testing of a new service called Z-Line, a composite fibre optic line.

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