Saudi-based Shoaibi Group, a leading provider of oil and gas technology products and services, has appointed David Malone, a former Schlumberger executive, as its new chief technology officer.
Malone, who has spent over 25 years at Schlumberger, will lead Shoaibi Group investment activities in oil and gas technology that is appropriate for the Middle East market, said a company statement.
In addition he will assist Shoaibi portfolio companies in their technology and business development activities in Shoaibi Group’s operating countries; Saudi Arabia, Bahrain, Algeria and Egypt.
Malone was a portfolio manager for the Mergers and Acquisitions Group in Houston for four years. In this capacity his primary objective was to identify and acquire technology based businesses matching the company’s strategic needs.
Some of his projects include the acquisition Nexus Geosciences, Insensys Subsea Sensing systems and Raytheon’s heavy oil conversion technology.
In addition he managed the divestment of Schlumberger’s drilling business in Gabon and established joint ventures or equity investments in New Tech Engineering and Advanced Completions Technology, the statement said.
Prior to his assignment in Corporate Development, Malone worked for 17 years in Research, Product Development, Business Development and Manufacturing.
He also held several key posts including vice president of Research, Product Development and Manufacturing for WesternGeco; vice president of Research and Development for Well Completions and Productivity (includes Testing, Artificial lift , Subsea Intervention and Completions); and vice president of Research and Development for the Camco family of companies after the acquisition of Camco by Schlumberger in 1998.
Malone holds 19 patents in the MWD, LWD, Directional Drilling, Seismic and Completions domains. He is a member of the Society of Petroleum Engineers, American Society of Mechanical Engineers and the Association for Corporate Growth.
Commenting on the appointment, managing director Walid Al Shoaibi, said: “We are extremely happy to announce the appointment of such a capable and experienced industry executive as David Malone to lead the next chapter of Shoaibi Group development.’
‘David now has the opportunity to apply his profound experience in the oil and gas industry to one of the most strategically attractive growth platforms of Shoaibi Group,’ he remarked.
On his new role, Malone said, ‘I look forward to the opportunity to promote the introduction of new technology into the Mena region through the Shoaibi Group. The skills, experience and geographic presence of the group provide an ideal platform to help innovative companies to penetrate this important market.’
Shoaibi,April 27, 2010;