HOUSTON – Metal-to-metal downhole sealing systems developer BiSN has signed a £5-million ($6.5-million) investment agreement with BP Ventures, Schlumberger Ventures, and GE Ventures.
BiSN and BP Ventures will co-operate to develop a commercial range of technology, to be deployed across BP’s conventional, deepwater and unconventional assets.
“In addition to investing in digital technologies and lower carbon solutions, BP Ventures is committed to investing in the next generation of disruptive technologies that will transform how we find and produce oil and gas,” said Luis Alcoser, BP Ventures’ Upstream Principal.
Paul Carragher, CEO of BiSN, said his company’s Wel-lok M2M downhole seal solutions can be applied across the spectrum of completions, intervention, and abandonment projects.
“We believe BiSN presents a disruptive approach to standard well sealing activity and by working closely with BP Ventures, we have the ability to deliver a structured qualification and commercialization process for our patented portfolio of technologies.”
BiSN, formed in 2010, BiSN operates manufacturing and assembly facilities in Runcorn, northwest England and Houston. It also conducts alloy development at its UK-based laboratory.
The technology, which employs modified thermite heaters, is said to reduce the heating time for metal-to-metal sealant from hours to minutes, and eliminate the need for specialist wireline equipment, without restrictions on deployment depth.
BP, Schlumberger, and GE are joining ConocoPhillips as investors in the company.