Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabian Oil Company (Saudi Aramco), has invested an undisclosed amount of equity in Norway-based technology company InflowControl.
This is the first round of institutional funding for the company.
InflowControl was established in May 2011 and is commercializing its new product, the autonomous inflow control valve (AICV), designed to increase recovery and production from oil reservoirs by shutting off unwanted gas and water ingression. InflowControl is currently in the process of qualifying and piloting the first application of the AICV.
Vidar Mathiesen, chief executive officer of InflowControl, said: “We are delighted to have received this investment from SAEV. In addition, the Middle East is an important region for our business and the backing of SAEV will help provide the credibility and support we need to bring our innovative technology into the market.”