VC Fund Targets UK Upstream Tech Firms

International venture capital firm Energy Ventures plans to invest $100 million in UK upstream technology companies during 2014.

In a statement sent to Rigzone Wednesday evening, the firm revealed that it is actively aiming to expand its portfolio of investments, which currently include 27 companies. Among these firms are Aberdeen-based companies such as Intelligent Well Controls, Deep Casing Tools, Meta Downhole and 3D seismic imaging specialist Foster Findlay Associates.

Greg Herrera, an Aberdeen-based partner of Energy Ventures, commented in the company's statement:

"The mood in the sector this year has been positive and our recent experience at Offshore Europe and similar industry events has provided a very good barometer of that momentum as we plan for 2014. Investment levels in the oil and gas sector have been steady for a concerted period and we remain convinced of a strong forward market."

Herrera added that recent research suggests that oil prices are too low and the market is in need of increased investment activity to address the complex challenges that arise.

Herrera also said that his firm is committed to executing deals in the UK, with an emphasis on investment opportunities of between $6 million and $50 million.

Energy Ventures, which has offices in Stavanger, Aberdeen and Houston, has raised $750 million in committed capital to date.

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