Gulf Oil and Gas accountACCOUNT

Aramco to Form Venture Firm on Drilling Tech

Source: Bloomberg 6/25/2012, Location: Middle East

Saudi Arabian Oil Co., the world’s largest crude exporter, is forming a venture capital company to invest in international startups developing new drilling technologies, a person with knowledge of the plan said.

Saudi Aramco, as the state-owned producer is known, wants to adopt the latest techniques and expertise for boosting output at older oil fields and fracturing rocks in underground reservoirs to speed the extraction of crude, the person said, declining to be identified because the project is confidential. The investment company will start operating soon, the person said, without specifying a date or indicating how much money it would have to invest.

Aramco’s media relations office in Dhahran, Saudi Arabia, declined to comment on the matter today in an e-mailed response to questions from Bloomberg.

The acquisition of new drilling and production technologies is increasingly important for Aramco as the company seeks to boost recovery from existing fields and exploit hard-to-reach unconventional oil and natural-gas resources, Senior Vice President for Upstream Operations Amin Nasser said at a conference in the eastern city of Khobar on April 8. Aramco plans to open five research centers in North America, Europe and China as part of its strategy of becoming a technology producer and innovator, Nasser said at the time.

Drilling News in Saudi Arabia >>

Brazil >>  4/17/2019 - Halliburton Company announced the execution of an integrated services contract with Royal Dutch Shell for post-salt development and pre-salt explorati...
United Kingdom >>  4/17/2019 - Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the...

Australia >>  4/16/2019 - Central Petroleum Limited (Central) advises that the Operator (Santos) of EP112 Joint Operations has notified that the Dukas-1 well spudded at 7.45am ...
Australia >>  4/16/2019 - Senex Energy Ltd will start its Surat Basin natural gas drilling program next month after contracting experienced oil and gas services provider Easter...

Cameroon >>  4/16/2019 - Tower Resources plc, the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on operations on the Thali block in Ca...
Norway >>  4/16/2019 - The Norwegian Petroleum Directorate has granted Aker BP ASA a drilling permit for well 25/11-29 S, cf. Section 15 of the Resource Management Regulatio...

Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.