Nov. 12, 2018
Sumitomo Corporation Europe Limited
Investment in Norwegian venture Target Intervention
Sumitomo Corporation (Head office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo), through Sumitomo Corporation Europe Limited (Head office: London, UK; CEO: Takashi Yamana) (hereinafter collectively referred to as the “Sumitomo Corporation Group”), has invested in Target Intervention AS (Head office: Rogaland, Kingdom of Norway; “TI”), a provider of solutions for improving oil and gas well productivity by real-time monitoring of downhole temperature and pressure.
Conventional oil and gas extraction employs a method called “stimulation”, where acid is injected into oil wells (“production wells”) to increase permeability on a reservoir and thereby improve production efficiency. In the shale development in progress mainly in North America, water or sand is also injected at a high pressure into the shale rock layer to fracture the formation to extract oil and gas. For such extraction, it is critical to monitor geological conditions as well as reservoir pressure and temperature environments in order to improve recovery efficiency.
TI has developed disruptive systems designed to enhance the productivity of such challenging oil and gas well operation, and since 2017 has conducted pilot testing at actual production wells. TI’s system helps achieve more efficient production by ensuring a more accurate approach to a target section of reservoir by the use of sensors that measure downhole well parameters and tool positions. The system also makes it possible to fracture sections that used to be difficult with conventional methods and to re-produce from discontinued wells. Moreover, the system allows for safer and more stable well operation by digitalizing temperature and pressure data of production wells and by replacing experience- or feeling-based worker operations with machine-based operations.
Through investing in companies with innovative technologies, the Sumitomo Corporation Group will address the changing needs of the times and make contributions to the development of industry across the world.
|■ Company overview|
|Company name||:||Target Intervention AS|
|Business description||:||Development and marketing of next-generation oil well equipment for the oil and gas industry|
|Head office location||:||Rogaland County, Kingdom of Norway (near Stavanger city)|
|Year of establishment||:||2011|
■Instrument manufactured by TI
■Material issues for Sumitomo Corporation
The Sumitomo Corporation Group has defined the “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project should prove especially beneficial in “Achieving Harmony with the Global Environment” and “Contributing to the Development of Local Communities and Industries.”