Shoaibi at forefront of oil and gas technology

SHOAIBI Group joins forces with leading international private equity investors to form the Oiltech Investment Network (Oiltech) to encourage the adoption of oil and gas technologies. Oiltech was officially launched by leading global investors, including Chevron Technology Ventures, Energy Ventures, Epi–V, Lime Rock Partners, SEP, and Viking Venture.

The member companies have cumulatively invested more than $950 million in more than 50 oil and gas technology companies over the last five years. The pioneering network is managed by OTM Consulting and provides a platform to connect entrepreneurs with emerging technologies in the upstream sector to prospective investors. The objective of the network is to encourage entrepreneurship and maximise the quality of technology investment opportunities within the E&P and oilfield services sector.

The network members are venture capital investors in oil and gas technologies. Chris Dudgeon, managing director of OTM, said: “We believe the Oiltech Investment Network is the first of its kind in the world and has been established after we identified a need to bring together investors and the next generation of oil and gas technology entrepreneurs.

An advisory workshop for potential entrepreneurs will be held in Aberdeen on the 6th of October whereby David Malone, Shoaibi Group chief technology officer, will be profiling opportunities in the Middle East at the event to help push forward innovative technology solutions for the industry. A technology showcase is also being planned to connect members’ portfolio companies with technology leaders in E&P and service companies.

Malonesaid: “Our clients in the Mena region want to be early adopters of new technology that is beneficial to the development of their resources. Shoaibi Group has implemented a strategy where we will support, through direct investment, operational support and partnering, start-up and early commercial phase companies.”