Statoil Technology Invest has closed a follow-on investment in Raptor Oil Ltd which brings STI’s ownership in the Scottish company to 29% (23% fully diluted).
Raptor are developing a groundbreaking acoustic telemetry system for use during well construction - replacing traditional mud pulse telemetry during drilling and providing a 10x improvement in performance - and in producing wells. The company has been through several phases of technology development and concept validation culminating in a successful 3 week well test in November this year.
The investment demonstrates STI’s willingness and ability to identify and support companies that are developing disruptive technologies aimed at solving the future challenges of the oil industry. In order to ensure the survival of our industry, it is important that skilled entrepreneurs are provided with access to capital so that they can develop their products and bring these to the market.
STI has a portfolio of more than 20 companies and are continuously screening for companies that, like Raptor, are developing technologies that can be implemented in our operations and provide significant gain.