Stavanger – Equinor Ventures has been a long-term partner and an important contributor to the Hydrophilic technology. It is a pleasure to announce that Equinor Ventures have acquired a 11,9% share in Hydrophilic. Equinor Ventures will join the board of Hydrophilic AS and continue to support the development.
Hydrophilic is developing a technology that will enable the industry to find the oil/water contact without having to drill additional wells. By measuring water and oil pressure inside the reservoir rockHydrophilic removes the need for a second appraisal well during exploration campaigns.
Nicholas Ashton, Senior Vice President in Equinor Exploration, commented:
“The future world energy demand will increase, and oil will remain an important part of the energy mix for the long-term. Existing assets cannot close the supply-demand gap so exploration remains important to secure worldwide access to energy. We will however, minimize our impact on the climate through our strategy of exploring for high-value, low-carbon resources. Hydrophilic has the potential to support this ambition by reducing our CO2 emissions during exploration operations in addition to reducing the costs of exploration activity by drilling fewer wells.”
Trond Rolfsvåg, CEO and founder of Hydrophilic said:
“Even though we have worked with Equinor for many years we are very pleased to strengthen our relationship and work even harder together to develop technologies for future energy needs”.
The reservoir intelligence technology is currently being tested and further development will continue throughout 2021. With the new technology, decisive information on the potential of hydrocarbon reservoirs will be more accessible in the future. In 2022 the game changing technology will become commercially available and offered as a service to the international E&P industry.
For more information please contact;
CEO Trond Rolfsvåg
Hydrophilic AS
Mob: +47 478 33 456
Email: trond@hydrophilic.no
