Ziebel develops and provides well intervention technology for the oil and gas industry with its proprietary fibre optic composite rod technology. The proceeds from this investment will assist Ziebel in completing product development and commercialisation of its technologies.
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.
“The ability to access and visualize 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.”
Ziebel is currently completing prototype testing of a new service called Z-Line, a composite fibre optic line. It is a miniaturization of its Z-system, allowing for more cost-effective operations targeting well integrity, gas-lift optimization and flow characterization in non-horizontal wellbores.
Stig Hognestad, chief executive officer of Ziebel, said the additional funding provides the company with the resources to accelerate the scale-up of its operations to service our growing customer base.