Advanced Technology for Fossil Fuel Oil Extraction Project

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Home arrow Sectors arrow Advanced Technology for Fossil Fuel Oil Extraction Project

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Advanced Technology for Fossil Fuel Oil Extraction

Rig

  • The following represents a general description of the fossil fuel oil extraction industry within the geographic scope of the regional center.
  • Operational plan is to locate, build or modify an existing production facility and refurbish used rigs for deployment to the major crude oil and natural gas producing basins in North America.

Opportunity

  • Rising commodity prices have increased drilling activity for oil and natural gas.
  • Demand for natural gas continues to increase as it is designated as a "CLEAN" fuel source and more natural gas electrical plants come on-line.
  • While United States oil and natural gas production volumes continue to decline, the project’s production stimulation process can help offset this decline by increasing both initial flow volumes and ultimate recoveries from new and existing wells. The following chart depicts recent trends in well production:

Chart

Advantages

  • Application of this new technology involves re-entering existing wells and avoiding the environmental disruption of drilling new wells to add to currently producing fields.
  • Facilitates additional production by expanding the vertical wellbore's area of contact with the reservoir — both vertically across different producing horizons and horizontally through those horizons.
  • The process is environmentally attractive. It avoids the need to drill additional in-fill vertical or directional wells in the same field. (In-fill, or 'development wells,' represent the majority of wells drilled in the industry and often require site remediation following a job completion.)

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