UK-based directional coiled tubing drilling (DCTD) services provider AnTech has secured investments from Saudi Aramco Energy Ventures (SAEV) and Calculus Capital to launch its new DCTD service capability.
The company will utilize the funds to introduce its new DCTD service capability and provide directional drilling solutions to the oil and gas industry to reduce costs and improve efficiency.
AnTech is known for its coiled tubing drilling bottomhole assemblies, COLT and POLARIS.
The COLT tool measuring 3.2in in diameter is suitable for drilling re-entry and thru-tubing wells to increase production, while the 5in gyro-steered POLARIS tool is suitable for drilling grass root wells.
AnTech managing director Toni Miszewski said apart from affordability, DCTD is also easy to drill underbalanced with a smaller footprint.
"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," Miszewski added.
SAEV is the corporate venturing subsidiary of Saudi Arabia-based oil company Saudi Aramco.