A group of private equity investors have joined together to form the Oiltech Investment Network (Oiltech) to encourage the adoption of oil and gas technologies.
Oiltec's investors include Chevron Technology Ventures, Energy Ventures, Epi–V, Lime Rock Partners, SEP, Shoaibi Group and Viking Venture. The network is managed by OTM Consulting.
Together the initial members have invested more than $950 million in over 50 oil and gas technology companies over the last five years.
Read more about the roughly US$33 million Lime Rock has invested over the past two years.
Oiltech will provide a platform to connect would-be oil and gas entrepreneurs with prospective investors to discuss the potential commercialisation of their emerging technologies. The network will also provide opportunities for E&P and service company technology managers, and subject matter experts, to engage with a variety of portfolio companies currently supported by the members.
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.
“The network will encourage the sharing of information, expertise and adviceamong investors, entrepreneurs generating exciting technologies that underpin the global energy sector, and E&P companies which will be the end users of those products.”
An advisory workshop for potential entrepreneurs will be held in Aberdeen in the autumn while a technology showcase is also being planned to connect members’ portfolio companies with technology leaders in E&P and service companies.