The New Industry Ventures (a joint venture fund of Gazprom Neft, Gazprombank, RVC and VEB Ventures) has invested in the development of a universal telemetry platform to support the drilling of high-tech wells.
The New Industry Venture Fund supported the implementation of a project by Axel, which specializes in the development and production of digital solutions and telemetry equipment for drilling processes. With the support of the Fund, the company will complete the development of the first Russian platform for high-speed well testing. The product will provide real-time data on the drilling trajectory and properties of geological rocks. Online access to this information will help control well placement and correct it in a timely manner to eliminate possible complications. Axel’s innovative product improves construction speed, penetration accuracy and well production rate, while minimizing project costs and drilling risks.
In terms of key characteristics, the Russian development corresponds to the world’s leading analogs at a significantly lower cost. The product is characterized by high speed and accuracy of data transmission, as well as minimal power consumption. Axel created the industry’s first telemetry platform built on versatile software. Thanks to this, the system is compatible with the equipment of most manufacturers of downhole measuring instruments, which will allow oilfield service companies to optimize costs when implementing projects to support the drilling of high-tech wells.
The Axel platform and its components have passed the R&D stage and over 40 pilot tests. Individual components and prototypes of the system have been supplied to more than 25 customers – oilfield service companies in Russia and abroad. The support of the “New Industry” will allow to expand the production capacity of the company, to continue the development of the line of telemetry equipment and remote support systems, as well as to open a representative office in the United Arab Emirates. Along with Russia, Axel’s key markets are the Middle East, Asia and West Africa.
“Our company is an industry technology leader, including in the field of horizontal well drilling. Every year, our drilling control centers coordinate the construction of about a thousand complex high-tech wells at the company’s assets in Russia and abroad. A distinctive feature of Axel’s solutions is independence from major manufacturers and the ability to integrate solutions from both major international service partners and local players. As a result, we expect a more competitive proposal for our assets with a focus on hard-to-recover reserves. ”Alexey Vashkevich Director for Technological Development, Gazprom Neft
The New Industry Venture Fund monitors many promising domestic innovative developments. We are pleased to contribute to the emergence in Russia of the first platform for high-speed borehole measurements in drilling, in which foreign oilfield service companies are also showing interest.”Alexander Stepanov Deputy Chairman of the Management Board, Gazprombank
“The updated RVC strategy is aimed at a breakthrough growth in venture capital investments and strengthening Russia’s position in the global high-tech market. We are pleased to join forces with partners to fully realize the potential of the first Russian platform for high-speed well testing and demonstrate an example of creating innovative technologies that will become important drivers of growth in the Russian economy.“Anatoly Braverman First Deputy General Director of the Russian Direct Investment Fund (RDIF, RVC management company)
“Axel’s development is aimed at developing a system-forming industry for Russia, which is an important argument in favor of financing the company. The new digital platform will significantly optimize the costs of design work for Russian oil companies, and also has a high export potential, which is also an important criterion for supporting a venture project. “Oleg Teplov CEO of VEB Ventures