Saudi Aramco Energy Ventures Invests USD 2.2 million into Norwegian oil service technology company, Cannseal AS

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Norway, 27th October 2016 Saudi Aramco Energy Ventures (“SAEV”) closed an investment round into Cannseal AS.  

Cannseal (www.cannseal.com) is a Norwegian technology oil service company that has developed a proprietary annular isolation technology for enhanced oil recovery. It is headquartered in Stavanger with a staff of 18. Current shareholders include EDS Group, Statoil Technology Invest and Sumitomo Corporation.

Cannseal’s technology has been developed in close collaboration with a number of key industry players during 10 years of R&D and was last year successfully field tested with a major North Sea operator. SAEV’s investment will help further accelerate the development of the technology and will, in addition, help facilitate potential deployment of the technology into Saudi Aramco’s operations.
“We are really pleased to have invested in Cannseal and are very excited by the unique potential which it provides, not only within Saudi Aramco and Saudi Arabia, but also elsewhere around the world. We look forward to work with the management team and the other investors to help deliver the full value of the technology to the market”, says Majid Mufti, CEO of SAEV.

Gunnulf Rasmussen, CEO of Cannseal said “We are delighted to welcome Saudi Aramco Energy Ventures as an investor in Cannseal, alongside our existing investor base. We are looking forward working with the local teams at Aramco and to access their expertise in helping accelerate the commercialization of our technology. This is an exciting time for our company and we believe our technology is very well placed to help enhance oil and gas production in today’s challenging low oil price environment.”

For more information please contact:
Cannseal AS Gunnulf Rasmussen, Chief Executive Officer
Phone +47 907 477 50,
email: gunnulf.rasmussen@cannseal.com,
web: www.cannseal.com,
address: Heiamyrå 20, N-4031 Stavanger, Norway.

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures 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 and Europe, SAEV’s mission is to invest globally in startups and high growth companies with technologies of
strategic importance to its parent, Saudi Aramco. For more information about SAEV visit www.aramcoventures.com.

About Cannseal

CannSeal allows a custom designed epoxy plug to be placed in the annulus. The plug can be used to stop annular crossflow and help water shut off. The CannSeal tool will perforate tubing or casing and inject the sealant material in a single wire line run, forming a donut shaped epoxy plug.

The epoxy plug may extend the life of mature fields by improving the recovery rate and reduce water production. The CannSeal method of plugging is very attractive thanks to low cost intervention done with electric wireline or electric coil, e-coil. For more information about CannSeal, visit www.cannseal.com.