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 first 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 RUB100 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.

Source: gazprom-neft.com