Investinor and Chevron invest in Well Conveyor, a pioneering technology firm aiming to enhance data collection in oil and gas wells with innovative, battery-powered tractors.

Target Information

Well Conveyor is an early-stage investment company that specializes in developing a cost-effective and compact tractor designed for oil and gas wells. Unique in its design, the tractor operates solely on battery power, eliminating the need for external power sources. This innovative technology aims to enhance cost-efficient data collection in wells that are currently inaccessible, addressing a growing need as the horizontal drilling landscape evolves.

The company is headquartered in Bryne, Norway, and is in the process of establishing a subsidiary in Houston, Texas, expected to launch in the third quarter of 2019. This expansion marks a strategic move to tap into the North American market, which is experiencing an increasing demand for advanced drilling technology.

Industry Overview

The oil and gas industry in Norway is a significant contributor to the national economy, benefiting from a robust exploration and production framework. As one of the leading countries in oil prod