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BiSN signs £5 million investment agreement

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Oilfield Technology,

Metal-to-metal downhole sealing solutions provider, BiSN, has signed an investment agreement with corporate venture capital groups (BP Ventures, Schlumberger Ventures and GE Ventures) that is worth £5 million.

Under the investment, BiSN and BP Ventures will develop a commercial portfolio of technology, to be applied across BP’s conventional, unconventional and deepwater portfolio.

Paul Carragher, CEO of BiSN, explained 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.”

“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, Schlumberger and GE join ConocoPhillips as investors in the company.

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