Statoil Technology Invest new main shareholder in OCTIO AS

Statoil Technology Invest has acquired a majority shareholding in OCTIO AS, a technology company focused on systems and solutions for permanent and semi-permanent monitoring of injection wells and reservoirs.

Published: 14 January 2013

 Having Statoil as the main shareholder during the market introduction phase of our ReM technology is a fantastic opportunity to ensure that our open architecture “Ethernet on the seabed” monitoring system is building operational track record, says Bjarte Fagerås, CEO of OCTIO AS.

- The transition from technology development to commercialization is a very critical phase of any technology innovation company. A main shareholder securing the transition as well as giving valuable input for further development is crucial for the long term success.

Statoil is one of the world’s leading oil companies with regard to EOR and is continuously seeking solutions to improve this further, combined with a high focus on reducing risk and cost of operation. The monitoring solution developed by OCTIO is a promising technology that can support both increased recovery and at the same time monitor injection operations for performance optimization and avoidance of any seepage of fluids to the environments.

OCTIO is a technology company focusing on systems and solutions for monitoring of reservoirs, drilling and injection wells. The company is ISO 9001:2008 certified and its acquisition system, ReM, is RP-A203 qualified by DnV.

OCTIO is located in Bergen, Norway.

For further information on OCTIO see www.octio.com or contact CEO, Bjarte Fagerås bjarte.fageraas@octio.com.