Alturki Ventures, the venture capital arm of Saudi Arabia-based Alturki Holding, has made a significant growth capital investment in Acoustic Data, a UK-based global leader in wireless downhole technology.
The investment will be used to scale up global deployments of its retrofittable and cutting-edge acoustic telemetry solutions that deliver real-time data from downhole to desktop, enabling remote optimization of oil and gas wells and subsurface energy storage.
Acoustic Data’s SonicGauge is used throughout the entire lifecycle of a well, from drill stem testing surface readout and production optimization to barrier integrity monitoring in plug and abandonment programs.
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.
“We are extremely excited about the growth potential that our investment provides Acoustic Data. It’s a technology business with patented downhole solutions that will provide true in-Kingdom value and maximization of oil and gas production for our customers.”
Mr. Jesse Tolley, Chief Commercial Officer of Acoustic Data, welcomed the deal and said that “Our team has deployed the SonicGauge in many global markets and applications from brownfield optimization in Asia-Pacific to underground gas storage in Continental Europe. Alturki’s capital, technical know-how, and growth mindset will allow Acoustic Data to capitalize on a substantial opportunity to instrument and digitalize Saudi Arabia’s well stock.”
“Acoustic Data’s portfolio allows operators to apply a proven communication protocol across multiple disciplines. We are excited to explore technology synergies and expect collaboration to bring new optimization and control mechanisms to subsurface assets worldwide,” said Mr. Corey Campbell, Director of Operations at Sawafi, an Alturki Holding subsidiary.