Saudi Aramco Energy Ventures (SAEV) has made a “seven figure equity investment” in Well-SENSE, a downhole technology specialist based in Aberdeen, Scotland. “The support of SAEV as a strategic investor will help Well-SENSE accelerate the expansion of the business around the world, in particular adding the Middle East to the company’s current North American focus,” the firm says in a 14 August press release.
The firm’s key FiberLine Intervention (FLI) technology “uses disposable tools and bare fiber optic line to capture and transmit high definition, real-time data, which represents a fast, low cost, low risk alternative to wireline logging.” Mike Hill of SAEV says that Aramco views FLI “as having significant value potential for well intervention operations. We are very excited to be supporting Well-SENSE in this phase of FLI’s commercialization.” (CONTINUED - 133 WORDS)