Saudi Aramco announces equity investment in Zilift

Source: Zilift AS

Zilift was established in May 2009 exclusively to develop and market permanent magnet technologies for innovative artificial lift applications.Saudi Aramco Energy Ventures LLC (“SAEV”), the corporate venturing subsidiary of Saudi Aramco, today announced the closing of an equity investment into Zi-Lift AS, a developer of through-tubing deployed artificial lift systems using permanent magnet motors and magnetic transmissions.

Zilift was established in May 2009 exclusively to develop and market permanent magnet technologies for innovative artificial lift applications. It is currently developing three products: TorqueDriveTM, targeting heavy oil production and gas well deliquification including conventional and unconventional gas wells; SpeedDriveTM, targeting retrofit conventional oil wells; and KickStart, for kill fluid displacement as an alternative to coil tubing/nitrogen lift.

Zilift’s high power density products can be deployed using coil tubing or wireline deployment techniques, while delivering power efficiency and optimized production. When available, the tools will also reduce lifting costs, enabling customers to explore innovative PCP and ESP deployments in situations and applications where none exist today.

Following three years of development, the Zilift TorqueDriveTM for PCP system is undergoing qualification testing.

Ibrahim Buainain, CEO, SAEV said: “Reliable and easily deployable artificial lift systems are a priority area of technology development for Saudi Aramco. We believe that Zilift’s technologies offer potential for substantial time and cost savings in artificial lift deployment and the potential for substantially enhancing the output from large numbers of producing wells. We are delighted to become an investor in the company”.

Iain Maclean, CEO, Zilift said: “Artificial lift has a long established history of technical development, however, significant step changes are infrequent. In contrast, Permanent Magnet Motor and Transmission technology has made significant advances in the past twenty years, driven predominantly by significant increases in magnet material performance to enable smaller machines with high power density.

There is a great deal of interest in our technologies. This additional investment from SAEV, as well as ongoing support from existing investors Energy Technology Ventures – a GE-NRG Energy-ConocoPhillips venture - Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor, provides us with the resources to forge ahead with product development to achieve commercialisation.”

Whitepapers

Energize Your Most Vital Business Relationships: Advanced Contract Lifecycle Management in the Oil and Gas Sector

In today’s more dynamic and globalized energy marketplace, formal contracts define nearly every b...

Improve Accuracy and Reduce your Lease Operating Expense and Risk in Upstream Oil & Gas Production

In this whitepaper, we will address both the technical approach to achieving the highest possible...

Infographic: Smart Process Applications for a Mobile Workforce

In partnership with PennEnergy Research, OpenText surveyed energy companies in the oil and gas, p...

Survey Report: Smart Process Applications for a Mobile Workforce

In partnership with PennEnergy Research, OpenText surveyed energy companies in the oil and gas, p...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013