US-based oil and gas technology company Fracture ID has unveiled a new low cost solution for engineered completions.
Fracture ID enables exploration and production (E&P) companies to lower drilling costs and increase hydrocarbon recoveries by delivering critical oil and gas reservoir properties.
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The company’s new Drillbit Geomechanics is used to evaluate at-the-bit vibrations for detailed reservoir characterisation.
It also provides the basis for improved unconventional resource development economics.
Drillbit requires no additional rig time, and presents no incremental operational risk or downtime.
Fracture ID founder and CEO Chris Neale said: “Our technology is used by E&P companies to group similarly stressed rock so more fractures are initiated in every frac stage.
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By GlobalData“This additional fracture surface area increases production rates and ultimate recovery with no negative impact on completions cost."
Fracture ID is also announcing a private investment from Energy Innovation Capital to obtain capital resources in a bid to accelerate its growth plan and improve its Drillbit Geomechanics technology.
Neale further added: “The capital infusion from Energy Innovation Capital (EIC) enables Fracture ID to meet the rapid increase in industry demand for our services.”
High-resolution measurements of critical reservoir characteristics can be obtained through Drillbit Geomechanics technology, which enables operators to better understand their reservoirs for informed hydraulic stimulation.
