The first Russian downhole tractor will be created with the support of the New Industry LLC
Published: 2 October 2020
"New Industry" Ventures LLC (New Industry Ventures — a joint venture fund of Gazprom Neft, Gazprombank, RVC and VEB Ventures) is implementing an investment project to create Russia's first serial complex of equipment for maintenance and geophysical research of horizontal well sections.
"New Industry" will allocate funds for the implementation of the project of the company "L-Petro", specializing in the manufacture of high-tech equipment for geophysical research and downhole work. With the support of the Fund, the company will develop several modifications of downhole tractors and a set of devices for servicing horizontal boreholes, as well as begin their serial production. The volume of investments from the Fund will amount to 160 million rubles.
The project is aimed at creating a line of innovative Russian equipment and launching a high-tech business for the sale and maintenance of products. To date, a prototype of a downhole tractor has been manufactured, R&D has been completed, and bench tests have been successfully passed. In the next four years, serial production of various modifications of borehole tractors will be launched. The equipment is planned to be produced in four modifications (lever, wheel, hydraulic and small resource), designed to solve various technological problems.
According to the main characteristics, borehole tractors from L-Petro will fully meet the requirements of domestic customers and compete with the world's leading analogues. In particular, price superiority will be ensured: the cost of both the device itself and the operations performed with it will be two or more times lower than that of foreign competitors.
The support of the "New Industry" will allow expanding pilot production and machine park, as well as launching a business selling products in several regions of Russia with the creation of a network of service centers. Serial production of the first modification of the borehole tractor will begin in 2021. The production of subsequent models is planned to be launched before 2024.
"Traditionally, the oil industry has been the driver, and in some cases the basis for the development of related industries. Focusing on the needs of the oil and gas sector, Russian companies can purposefully work on creating innovations, having the opportunity to test their engineering and digital solutions at our fields," said Vadim Yakovlev, Deputy General Director for Exploration and Production of Gazprom Neft.
"Together with our venture fund partners, we monitor a lot of domestic innovative developments. We did not choose L-Petro for investment by chance. The team has more than 40 years of experience in geophysical instrumentation. The project team has an ambitious task to meet the needs of fuel and energy companies with comprehensive domestic solutions that will surpass existing analogues," said Alexander Stepanov, Deputy Chairman of the Management Board of Gazprombank.
"The deal with L-Petro has already become the second investment of our joint fund, which was launched just a year ago. The attracted investments will significantly accelerate the development of the product, as well as move to its early implementation in the regions of Russia with the creation of a network of service centers. I am sure that the project will be able to realize its potential not only in the home market, but also abroad," commented Alexey Basov, Deputy General Director and Investment Director of RVC.
"A significant part of the fossils are difficult to recover, and the share of horizontal wells is rapidly increasing: more than eight times over the past ten years. The mining industry in the Russian Federation is in dire need of breakthrough technologies, and it is important that these developments be Russian. The solutions offered by L-Petro are competitive not only in the Russian market, but also in comparison with foreign analogues. We hope that this investment project will help the development of the entire industry," said Oleg Teplov, CEO of VEB Ventures
PJSC Gazprom Neft is a vertically integrated oil company. The main activities are exploration and development of oil and gas fields, oil refining, production and marketing of petroleum products. In terms of oil production and refining, Gazprom Neft is one of the three largest companies in Russia. In 2019, the company produced 96.1 million tons of oil, the volume of refining amounted to 41.5 million tons of oil. The structure of Gazprom Neft includes more than 70 oil-producing, refining and marketing enterprises in Russia, the countries of the near and far abroad.
Gazprombank is one of the three leaders of the banking industry in Russia, as well as one of the largest financial institutions in Central and Eastern Europe.
Gazprombank provides a wide range of services to corporate and private clients. The Bank serves key sectors of the Russian economy – gas, oil, chemical and petrochemical, metallurgy, electric power, mechanical engineering, transport, construction, communications, agro-industrial complex, trade and other industries.
Gazprombank's retail business is focused on providing modern high-tech products and services. At the beginning of 2020, the Bank serves about 5 million individual customers, the retail loan portfolio by the end of 2019 is more than 550 billion rubles, the retail deposit portfolio is more than 480 billion rubles.
RVC is the state Fund of Funds, the Institute for the Development of the venture industry of the Russian Federation. The main objectives of RVC JSC are to stimulate the creation of its own venture investment industry in Russia and to perform the functions of the Project Office of the National Technology Initiative (NTI). The authorized capital of RVC JSC is more than 30 billion rubles. 100% of the capital of RVC belongs to the Russian Federation represented by the Federal Agency for State Property Management of the Russian Federation (Rosimushchestvo). The total number of funds formed by RVC JSC has reached 29, their total size is 64.4 billion rubles. The share of RVC JSC is 38 billion rubles. Funds with the participation of the capital of JSC "RVC" invested more than 290 portfolio companies for a total amount of 23 billion rubles.
VEB Ventures (formerly VEB Innovations) is a company of the VEB Group.The Russian Federation, created to support high-tech projects through direct transactions and management of venture funds. VEB Ventures' priorities include financing promising companies with its own funds, private and public funds, as well as assistance to Russian startups in entering international markets. The company offers projects not only venture investments, but also operational management support tools, as well as access to financial products of VEB.RF Group companies. This makes it possible to form support schemes for Russian innovative companies taking into account their individual needs, including to facilitate entry into international markets.
LLC "L-Petro" specializes in reengineering in oil production. Pilot production is located in Tver. Currently, the company has created a laboratory for conducting physical and mechanical tests of equipment samples planned for production, including unique bench equipment.