26 Jul BiSN announces multimillion pound investment agreement
BiSN, the global leader in innovative metal-to-metal downhole sealing solutions, has signed an investment agreement worth £5m with corporate venture capital groups BP Ventures, Schlumberger Ventures and GE Ventures.
Under the terms of the investment, BiSN and BP Ventures will work together to develop a commercial portfolio of technology, to be applied across BP’s conventional, unconventional and deepwater portfolio.
“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.
“BP is delighted to be working with BiSN on the commercialisation of technologies that have the potential to benefit BP’s global upstream operations.”
Paul Carragher, Chief Executive Officer of BiSN, explains the significance of the agreement: “Our award-winning technology, Wel-lok M2M, provides innovative, downhole seal solutions 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 commercialisation process for our patented portfolio of technologies.”
BiSN provides metal-to-metal downhole sealing solutions to the oil and gas industry.
Established in 2010, BiSN operates manufacturing and assembly facilities in both Runcorn, UK and Houston, USA. With a focus on game-changing technology research and development, the company also undertakes specialist alloy development from its own UK-based laboratory.
Using modified thermite heaters, BiSN’s unique technology reduces the heating time required for metal-to-metal sealant from hours to minutes, whilst eliminating the need for specialist wireline equipment, or restriction on deployment depth.
BP, Schlumberger and GE join ConocoPhillips as investors in the company.