InflowControl AS, a Porsgrunn, Norway-based developer of inflow control technology to increase recovery and production from oil and gas reservoirs, received an equity investment from Saudi Aramco Energy Ventures, the corporate venturing subsidiary of Saudi Aramco.
The amount of the deal was not disclosed.
The company intends to use the proceeds to bring its technology into the market.
Founded in May 2011 and led by CEO Vidar Mathiesen, InflowControl is developing AICV® – Autonomous Inflow Control Valve, a patented technology that aims to replace the conventional Inflow Control Devices and ensure significant increase in oil production and recovery.
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