Aramco backs coiled tubing service company

Saudi Aramco Energy Ventures and London-based Calculus Capital have agreed to provide funding to Exeter,UK-based Antech.

Offshore staff

EXETER, UK – Saudi Aramco Energy Ventures and London-based Calculus Capital have agreed to provide funding to Exeter,UK-based Antech.

The money will be channeled toward AnTech’s new directional coiled tubing drilling service (DCTD). The company aims to provide field-proven systems for operators seeking to improve efficiency and reduce costs.

DCTD can drill underbalanced with a smaller footprint, added managing director Toni Miszewski. “As a result, it is a very effective way to re-enter existing wellbores in order to increase recovery from mature fields, without affecting the environment or damaging the formation.”

6/28/2013

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