Australian technical solutions provider Coretrack has signed an agreement with Aztech Well Construction to assist the commercialisation of its core level recorder system (CLRS) technology.
Coretrack developed the technology to address problems pertaining to core samples jamming downhole during oil and gas drilling / coring operations.
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According to Coretrack, CLRS displays the lack of core intake at surface so as to alert the operator of the coring equipment of the potential for a jam. The technology will save oil companies millions of dollars annually in either lost time or re-coring operations.
Coretrack will grant a worldwide exclusive license to Aztech in a bid to further develop, operate and sub-license the company’s CLRS technology. All developmental and commercial operational activities for the CLRS will be undertaken and funded by Aztech, which includes the building of new units. Aztech will also pay a royalty to Coretrack for all commercial operations, which involve the use of the technology.
Coretrack chairman Matt Birney said that the agreement aligns the company with Aztech’s domestic and international base through its drilling and coring project management business.
"We welcome the input and experience of Aztech and expect that this will add another dimension to their business as they regularly advise their clients on the optimum way to core their wells," Birney added.
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By GlobalDataAztech business development manager and coring specialist Andy Thompson said: "The Aztech client base covers a diverse range of projects from conventional to unconventional oil and gas both onshore and offshore, domestically and internationally."
Aztech offers well project management, engineering services and a complete coring optimisation service throughout the Asia Pacific region.
