Wintershall Dea has invested in Norway-based firm Wellstarter, a provider of smart well flow diagnostics.
The company has created an innovative solution of wireless downhole flow that is both affordable and real-time. Optimized reservoir management is made possible by Heatwave Inflow Profile log (HIPlog) technology, which is essential for maximizing field recovery.
Reservoir management key decisions, for instance, where to drill infill wells, how to complete a well and how to balance production and injection all need reliable downhole production data. This data can be collected using conventional technologies, such as production logging tools, which can be very costly and risky. Using real-time data, HIPlog provides inexpensive, low-risk, and emission-free steady-state flow tracing. Based on heat pulses discharged into the well stream, it does so. The heat pulse is detected by sensors and can be immediately examined locally or remotely.
“The Wellstarter HIPlog technology offers reliable, hassle-free and highly cost-effective flow diagnostics in most well conditions. It will offer us value across a range of applications”, says Andreas Berger, Managing Director of Wintershall Dea Technology Ventures. “Because the solution is also applicable for CO2injection monitoring, we see potential for the technology not just in E&P but also in our growing carbon management business.”
“This investment from Wintershall Dea Technology Ventures is a validation of the potential of our HIPlog downhole flow monitoring solution. Along with recent successes during field tests this gives us great confidence in our ability to deliver the HIPlog solution to a global market. The Wellstarter team looks forward to creating value for customers and shareholders alike”, says Erik Skogen, CEO of Wellstarter.
Wintershall Dea Technology Ventures GmbH made an acquisition of 24 % interest in the company. The company invested alongside ARA Energy AS in this investment round, joining existing shareholders Prores AS and ProVenture. Equinor Ventures AS and Shell Ventures BV are indirectly investors in Wellstarter AS, being investors in ProVenture Seed II AS. Innovation Norway and the Norwegian Research Council also support Wellstarter with grants.
Erik I. Nakken, Chairman of Wellstarter, says: “The investment from WDTV along with additional investments from existing shareholders and the management team will support the commercialization of the HIPlog technology.”
“We welcome Wintershall Dea Technology Venture as co-investor in Wellstarter in this series A equity capital increase, and look forward to work together with their highly experienced VC team.” Says Dr. David Lysne, Managing Partner ProVenture.