Saudi -based Shoaibi Group joined forces with leading international private equity investors to set up the Oiltech Investment Network (Oiltech) which will encourage the adoption of oil and gas technologies.

Headquartered in Al Khobar, Saudi Arabia, Shoaibi Group offers dedicated market expertise, commercial support, as well as invests in development of innovative technology mainly to create business growth and shared opportunity.

The company also has operations and investments across the Middle East and extending to North Africa, Europe, and North America, said a statement from Shoaibi Group.

Oiltech was officially launched last month by leading global investors, including Chevron Technology Ventures, Energy Ventures, Epi–V, Lime Rock Partners, SEP, and Viking Venture, it added.

The member companies have cumulatively invested more than $950 million in more than 50 oil and gas technology companies over the last five years. The pioneering network is managed by OTM Consulting and provides a platform to connect entrepreneurs with emerging technologies in the upstream sector to prospective investors, it said.

The objective of the network is to encourage entrepreneurship and maximise the quality of technology investment opportunities within the E&P and oilfield services sector. The network members are venture capital investors in oil and gas technologies.

Chris Dudgeon, managing director of OTM, said: "We believe the Oiltech Investment Network is the first of its kind in the world and has been established after we identified a need to bring together investors and the next generation of oil and gas technology entrepreneurs."

An advisory workshop for potential entrepreneurs will be held on October 6 in Aberdeen, where David Malone, Shoaibi Group chief technology officer, will be profiling opportunities in the Middle East to help push forward innovative technology solutions for the industry.

A technology showcase is also being planned to connect members’ portfolio companies with technology leaders in E&P and service companies, it added.

Malone said: "Our clients in the Mena region want to be early adopters of new technology that is beneficial to the development of their resources."

"Shoaibi Group has implemented a strategy where we will support, through direct investment, operational support and partnering, start-up and early commercial phase companies which have technologies that are applicable to the challenges of our clients. Shoaibi Group’s participation in the Oiltech network will help us to promote this unique opportunity for start-up companies," he added.-TradeArabia News Service