• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 25 mins COVID is real now
  • 3 hours The Quad naval alliance forming.
  • 15 hours The Grey Lady has fallen (further into irrelevancy)
  • 2 days Where is Alberta, Canada headed?
  • 23 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 15 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 17 hours The Boris Yeltsin of America
  • 1 day Is the oil & gas industry on the way out?
  • 2 days Joe Biden offers advice to correct the public health
  • 26 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 2 days There Has Been No Trump Manufacturing Boom Even Before Covid
  • 2 days Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"
Norway Eager To Boost Domestic Offshore Oil Investment

Norway Eager To Boost Domestic Offshore Oil Investment

The Norwegian government is looking…

The Battle For Libya’s Oil Heats Up

The Battle For Libya’s Oil Heats Up

The battle for Libya’s oil…

Saudi Aramco's New Venture Capital Firm to Invest in New Drilling Technologies

In a confidential project Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude oil exporter, is to set up a venture capital company to invest in international start-ups which look to develop new drilling technologies.

The investment company will start operating soon, mainly looking to develop and gain access to the latest techniques, expertise, and technology for boosting the oil production output at older fields, and the use of hydraulic fracturing to speed up the extraction of crude oil.

Amin Nasser, the Senior Vice President for Upstream Operations, said that investment into new drilling and extraction techniques is increasingly essential for Saudi Aramco, as it looks to increase the production levels from existing fields, and access hard-to-reach reserves of unconventional oil and gas.

The venture capital company will work in conjunction with five new technology research centres that Aramco are opening in North America, Europe, and China.

As well as new techniques for producing oil and natural gas, the venture capital firm will also invest in renewable energy sources such as solar power, in an attempt to give the oil major a footing in the renewable energy market that is bound to surpass the fossil fuel market in the future.

Saudi Aramco set up a similar investment firm for domestically financing small to mid-sized Saudi business. The Saudi Aramco Entrepreneurship Centre Co. has already invested $200 million dollars this year.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • ECT on December 02 2012 said:
    What is the website for this new venture capitalist or their contact information?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News