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“New Industry” fund develops Russian oil-production technologies

“New Industry” fund develops Russian oil-production technologies

Moscow, January 31 - Neftegaz.RU. The New Industry Ventures fund - a venture fund jointly owned by Gazprom Neft, Gazprombank, the Russian Venture company (RVC) and VEB Ventures - has launched its 1st investment project directed at developing multi-bore well finishing technologies.

The “New Industry” fund has invested in ADL Completions, which specialises in the development and production of technological solutions in multilateral and multi-bore well completion. This innovative start-up has secured all necessary approvals, including from the Fund’s independent Technical Advisory and Investment Committees. Total investment stands at RUB 100 million.

This fund-supported project is directed at developing multilateral completion technologies, allowing “side-tracks” to be built onto existing wells, maintaining the flow-rate into the main well. Having completed research and development and pilot testing a prototype system is now in place, ready for batch production.

Support from the New Industry fund will allow the developer to continue fine-tuning its multilateral completion technologies including intelligent completion and finishing under multi-stage fracking, allowing it to address more technically complex tasks, as well as increasing production capacity.

«A significant proportion of our projects today are connected with the development of hard-to-recover reserves. Success here depends directly on the standard of the technology used. The solutions we need aren’t always available on the market, and it often falls to us to develop them, together with our partners. Undertaking the New Industry fund’s 1st investment project is creating an opportunity to develop a domestic innovation, with major potential for use in high-tech drilling at fields with complex geology. Projects like this aren’t just needed by our company - they’ll facilitate the development of Russia’s entire oil production industry», said Vadim Yakovlev Deputy CEO for Exploration and Production, Gazprom Neft.

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