Hydro has invested in a new form of seismic technology, that can contribute to increasing the recovery rate from oil fields.
By placing the technology permanently on the sea bed, the oil companies can continuously monitor how the oil moves in the reservoir during production. In this way, drilling can be more precise, and it will be possible to extract more oil from the fields.
The new seismic technology is being developed by the British company Stingray Geophysical.
“Stingray Geophysical aims to be the first company to offer commercial solutions at an acceptable price and with a satisfactory operating life. This will open for increased use of permanent seismic technology, and it represents an interesting commercial opportunity for Stingray”, says Arne Frøiland, head of investment in Hydro Technology Ventures.
Up until now, use of permanent seismology to monitor oil reservoirs has been limited, because the systems have not had an acceptable operating life, and because they have been too costly.
Hydro Technology Ventures has invested NOK 18 million in Stingray Geophysical. Other investors in the company are Energy Ventures and Chevron Texaco Ventures.
Hydro’s venture investment for developing new energy technology totals NOK 750 million. The intention is to contribute to Hydro maintaining its leading technological position within oil, gas and new forms of energy.
At the same time, Hydro uses around NOK 500 million annually on oil and energy related research.