The first Russian system of high-speed borehole measurements is being created with the support of the New Industry Ventures LLC
The first Russian system of high-speed borehole measurements is being created with the support of the New Industry Ventures LLC

The first Russian system of high-speed borehole measurements is being created with the support of the New Industry Ventures LLC

Published: 14 July 2021

The first Russian system of high-speed borehole measurements is being created with the support of the New Industry Ventures LLC

The venture fund "New Industry" (New Industry Ventures – a joint venture fund of Gazprom Neft, Gazprombank, RVC and VEB Ventures) invested in the development of a universal telemetry platform to support the drilling of high-tech wells.

The venture fund "New Industry" invested in the implementation of the project of Axel company specializing in the development and production of digital solutions and telemetry equipment to support drilling processes. With the support of the Foundation, the company will complete the development of the first Russian platform for high-speed borehole research. The product will provide real - time data on the drilling trajectory and properties of geological rocks . Prompt access to this information will help to control the wiring of wells and correct it in a timely manner to exclude possible complications. Axel's innovative product increases the speed of construction, the accuracy of getting into the oil reservoir and the flow rate of the well, minimizing project costs and risks during drilling.

According to key characteristics, the Russian development corresponds to the world's leading analogues at a much lower cost. The product is characterized by high speed and accuracy of data transmission, as well as minimal power consumption. Axel has created the industry's first telemetry platform built on universal software. Thanks to this, the system is compatible with the equipment of most manufacturers of downhole measuring instruments, which will allow oilfield service companies to optimize costs when implementing projects to support drilling of high-tech wells.

The Axel platform and its elements have passed the R&D stage and over 40 pilot tests. Individual components and prototypes of the system have been delivered to more than 25 customers - oilfield service companies in Russia and abroad. The support of the "New Industry" will expand the company's production facilities, continue the development of a line of telemetry equipment and remote support systems, as well as open a representative office in the United Arab Emirates. Along with Russia, the key markets for Axel products are the countries of the Middle East, Asia and West Africa.

Alexey Vashkevich, Director of Technological Development at Gazprom Neft: "Our company is an industry technology leader, including in the field of horizontal drilling. Every year, the construction of about a thousand complex high-tech wells on the company's assets in Russia and abroad is coordinated in our drilling control centers. A distinctive feature of Axel's solution is its independence from major manufacturers and the ability to integrate solutions from both major international service partners and local players. As a result, we expect a more competitive offer for our assets with a focus on the involvement of hard-to-recover reserves."

"The venture Fund "New Industry" tracks a lot of promising domestic innovative developments. We are pleased to contribute to the appearance in Russia of the first platform for high-speed borehole measurements in drilling, which foreign oilfield service companies are also interested in," said Alexander Stepanov, Deputy Chairman of the Management Board of Gazprombank.

First Deputy General Director of the Russian Direct Investment Fund (RDIF, RVC Management Company) Anatoly Braverman noted:

"The updated strategy of RVC is aimed at breakthrough growth of venture investments and strengthening of Russia's position in the global high-tech market. We are pleased to join forces with our partners to fully realize the potential of the first Russian platform for high-speed borehole research and demonstrate an example of creating innovative technologies that will become important drivers of the growth of the Russian economy."

According to Oleg Teplov, CEO of VEB Ventures, Axel's development is aimed at developing a system-forming industry for Russia, which is an important argument in favor of financing the company. "The new digital platform will significantly optimize the costs of project work for Russian oil companies, and also has a high export potential, which is also an important criterion for supporting a venture project," Oleg Teplov said.


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. Gazprom Neft has more than 70 oil producing, refining and marketing enterprises in Russia, CIS and far abroad countries. The geography of Gazprom Neft's business covers 110 countries of the world. The company's gas station network has more than 2 thousand stations in Russia, CIS countries and Europe. The company is among the industry leaders in terms of efficiency. By the end of 2020, the company's revenue amounted to 2 trillion rubles, adjusted EBITDA – 485 billion rubles, net profit – 117.7 billion rubles. Gazprom Neft's largest shareholder is Gazprom PJSC (95.68%). The remaining shares are in free circulation.

Gazprombank is among the three leaders of the Russian banking industry in terms of major volume indicators (according to INTERFAX-100. Russian banks, /), as well as among 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. The Bank has many years of unique experience in organizing project financing and placing debt instruments on the Russian and international capital markets, providing financial advisory services in terms of project, corporate and debt financing, as well as experience in managing investments in companies both in Russia and abroad.

Gazprombank's retail business is focused on providing modern high-tech products and services. At the beginning of 2021, the Bank serves about 5 million individual customers, the retail loan portfolio by the end of 2020 is more than 660 billion rubles, the retail deposit portfolio is 770 billion rubles.

JSC "Russian Venture Company" (JSC "RVC") is the state fund of funds and the Institute for the development of the venture market of the Russian Federation. The company's mission is to form a venture capital market through the pooling and development of resources, competencies and initiatives of investors, portfolio managers and entrepreneurs to create and promote innovative products and technologies in priority technology industries, as well as to promote Russia's achievement of global technological leadership. As part of the reform of development institutions announced by the Government of the Russian Federation, it was decided to include RVC in the structure of the RDIF.

VEB Ventures 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.

Axel Company was established in 2013 by a group of specialists in the field of directional drilling. Already at the beginning of 2014, the company delivered its first developments to customers, and by the end of the year, the geography of sales included Iraq, Russia, the USA, Kazakhstan, Indonesia, Turkey and the Netherlands. To date, Axel is completing the development of a universal high-speed telemetry system in accordance with international standards in the field of telemetry tracking of drilling.

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