Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s eponymous oil major, has invested an undisclosed amount in AnTech, a UK-based developer of directional coiled tubing drilling (DCTD) products and services.
Alongside SAEV in backing AnTech is Calculus Capital, a private equity firm.
Ibrahim Buainain, chief executive of SAEV, said: “Saudi Aramco is today a significant user of directional coiled drilling tubing services and we believe that AnTech’s products will allow DCTD methods to be applied to a wider variety of applications with lower costs and improved outcomes. We expect that SAEV’s engagement with AnTech will accelerate the commercialization of its products and their adoption in the Saudi Arabian market.”