Shell Sets Up Tech Venture

Oil major Shell has set up a Shell Technology Venture (STV), to spearhead rapid development and deployment of exploration and production technologies and maximise shareholder value from it.

It is the first globally coordinated effort by the Royal Dutch Shell Group of Companies to directly participate with service industry partners in the development and marketing of its proprietary technologies. Early offerings may include logging and drilling equipment, production enhancement devices and natural gas processing units. The organisation's intellectual property also includes new energy utilisation devices, manufacturing processes and environmental remedies. In addition to Shell's traditional practice of technology deployment, including licensing of technology to third parties, STV's mission is to create equity investment opportunities for Shell in the form of joint ventures and new subsidiaries.