ALGARD, Norway March 18, 2015: Target Intervention AS, a Norwegian well technology company developing specialized downhole tool solutions for the oil & gas industry announces an equity investment from Saudi Aramco Energy Ventures LLC (SAEV)
Based in Ålgård, near Stavanger, Norway; Target Intervention is developing the next generation intelligent coiled tubing tool solutions to increase overall recovery and productivity from oil & gas wells.
Target’s technology uses fully electric operated components that provide the ability to complete complex intervention operations faster and more effectively while monitoring well parameters and tool performance in real-time at surface.
Target’s tools have application in well service operations in both the initial completion phase and re-entry operations. Target’s first main product is the Electric Isolation Tool, specifically focused on re-entry applications to re-frac or stimulates unproductive zones to achieve increased production.
The investment from SAEV will support further development and commercialization of Target’s technology, which is being prepared for field trials.
“We are very excited to have SAEV as a partner,” says Target Intervention Managing Director Monika Bakke Malmin. “For Target this is a solid confirmation of the significance and potential in our technology. It is unique opportunity for us to work with and learn from a major operator like Saudi Aramco.”
Hans Middelthon from SAEV Europe Limited commented: “We are delighted to have completed this investment in Target Intervention. This is a company with a very strong and committed team. We believe the technology will become an important contributor to increase recovery from our oil & gas resources.”
SAEV is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise headquartered in Dhahran with offices in North America, Europe and Asia. SAEV’s “mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Saudi Aramco, to accelerate their development and their deployment in the Kingdom of Saudi Arabia.” For more information about SAEV, visit www.aramcoventures.com
Target Intervention AS is a privately held entity established in 2011. The company is located in Algard, Norway. Target Intervention is a company specialized in smart and electric operated, real-time coiled tubing tools. Target Intervention prides itself in their strengths in mechanical and electrical design engineering and product qualification making it possible to create solutions the world has never seen before. For more information about Target, visit www.targetintervention.no