Alturki Ventures, the venture capital arm of Saudi Arabian based Alturki Holding, has provided a significant growth capital investment in Acoustic Data, a U.K.-based global leader in wireless downhole technology. The investment will be used to scale global deployments of its retrofittable and cutting-edge acoustic telemetry solutions that deliver real-time data from downhole to desktop, enabling remote optimisation of oil and gas wells and subsurface energy storage.
“We are extremely excited about the growth potential that our investment provides Acoustic Data,” said Rami Alturki, President & CEO, Alturki Holding. “It’s a technology business with patented downhole solutions that will provide true in-Kingdom value and maximisation of oil and gas production for our customers.”
Acoustic Data’s SonicGauge™ is used throughout the entire lifecycle of a well, from drill stem testing surface readout and production optimisation to barrier integrity monitoring in plug and abandonment programmes. Its duplex SonicSync™ Command+Control Platform provides third-party downhole equipment providers with a communication system to remotely activate tools in intelligent completions and drill stem testing operations.
Jesse Tolley, Chief Commercial Officer of Acoustic Data, welcomed the deal: "Our team has deployed the SonicGauge in many global markets and applications from brownfield optimisation in Asia-Pacific to underground gas storage in Continental Europe. Alturki's capital, technical know-how, and growth mindset will allow Acoustic Data to capitalise on a substantial opportunity to instrument and digitalise Saudi Arabia’s well stock."
"Acoustic Data’s portfolio allows operators to apply a proven communication protocol across multiple disciplines,” said Corey Campbell, Director of Operations at Sawafi, an Alturki Holding subsidiary. “We are excited to explore technology synergies and expect collaboration to bring new optimisation and control mechanisms to subsurface assets worldwide.”
Link: Alturki Ventures