Not to count chickens before they hatch or put eggs in any baskets, but it looks like we’re through it. Finally, after 2 years (at least) things are looking brighter in the world of Oil and Gas. With Brent currently standing at $75 USD a barrel and the graphs all heading in the right direction (up) for the past year, it could finally be time to talk about investment, and capitalising on the resurging market.
Whilst things are better, everyone is realistic that we may never get to $100 oil again or if we will, it could take years apart from Pierre Andurand, saying a $300 barrel oil is "not impossible". However in the real world it means that the industry is looking at coping with lower (than 2014 at least) prices long term, which means that more efficient, faster and all around better technology is becoming an area that excites many people.
Completions technology has long been a hot bed of innovation within oil and gas. In the last 10 years alone, the game has been changed multiple times by one company bringing something new to the market which has the major players either striving to catch up or lining them up for an acquisition.
Here’s 5 companies, both big and small, that I think will be capitalising on the upturn in the oil price with some really innovative completions technology.
Serial innovators Packers Plus, widely credited with ushering in the shale oil and gas boom in North America, whave
Their TREX multi-stage completion system is also one of the newer technologies I’ll discuss, having only been released in late 2017. The TREX utilises ball-activated sliding sleeves that deliver a limited entry stimulation treatment.
One of the most innovative features of the technology is that multiple entry points can be stimulated by one ball drop from the surface. Recent successes in the Permian Basin has seen further installations and orders for this exciting product.
Staying with frac, Stage Completions’ OTC award winning SC Bowhead II is an innovative fracturing system which has multiple advantages for the operator. Whilst being able to complete longer laterals and unlimited stages in tighter areas, the need for E-line perforating and a second pump down is eliminated.
By using the SC Bowhead II, fracturing operations can be almost continuous from stage-to-stage using their dissolvable ball and collet system.
From a company that was started at the beginning of the downturn when other companies have been reducing costs, Stage Completions are going from strength to strength. Stage are certainly a name to look out for due to the increased efficiency and reduced downtime their tools offer to the client.
Tendeka hare coming up to their tenth year in business, and the Aberdeen-based business have always put innovation at the forefront of their product development.
Their latest offering, the Pulse Eight, is a wireless intelligent completions platform which provides cable free control and monitoring for a wide range of applications across the completions field.
As data becomes more important in all areas of business and product development, sophisticated well control and monitoring systems like Tendeka’s give operators the power to have more control than ever of the well, utilising wireless communication between downhole and the wellhead.
To talk about Schlumberger after Tendeka is to take a major step up in size, but the French king of service companies are also utilising sophisticated data collecting and processing to get the most out of the well.
The WellWatcher software provides real-time transformation of data into insight and actionable intelligence about the well. The real strength of this technology is the reduction in the time it takes to gather results.
Analysis that previously took weeks now takes a matter of days, making the most of big data gathered at the wellsite, which can be accessed from any location from a computer. This is another award winner from OTC – picking up the Engineering Innovation award in intelligent systems and components.
It’s been a tough time for Weatherford of late, with failed mergers and business unit sales dominating the news around them, but hopefully their latest offering can signal a turnaround for the global business.
The WFX0 system is another OTC award winner as the world’s first fully integrated gravel pack system to achieve an API/ISO V0 rating, meaning that it has been tested to the highest standard with zero gas leakage.
Through developing this fully integrated solution, Weatherford have also dramatically increased their efficiency, reducing time and cost for the client.
With these innovations prioritising efficiency and reducing costs, is it fair to say that the new oil price climate has had a positive impact on the industry? Are there any technologies that deserve to be included that I haven’t mentioned? Let me know in the comments!