In most cases, CnF treatment does not require the complete refracturing of existing wells. Instead, the technology uses a coil-tubing unit to facilitate a pump and pressure treatment. The fluid system will not only penetrate the formation’s existing fractures but will also clear blockages caused by clogging particles such as paraffins and asphaltenes. Flotek also offers additional value with its Fracmax database, which the firm uses to identify existing wells that are likely to benefit from CnF remediation.
Recent commodity price trends in the oil and gas sector have led many firms to seek alternatives to new well drilling, targeting opportunities for lowered costs and increased production efficiency instead. An innovation by international oilfield technology developer Flotek is set to expand opportunities for hydraulic fracturing operations in existing unconventional wells. The firm has developed Complex nano-Fluid (CnF) chemistries that will allow oil and gas companies to remediate or restimulate existing wells. When treated with CnF chemistries, wells can experience renewed production levels as high as 70 percent and may even return to their original production capacities. As the cost of well restimulation with CnF technology is far lower than that of drilling a new well, Flotek’s technology presents a cost-effective option for many firms looking to expand production.
In most cases, CnF treatment does not require the complete refracturing of existing wells. Instead, the technology uses a coil-tubing unit to facilitate a pump and pressure treatment. The fluid system will not only penetrate the formation’s existing fractures but will also clear blockages caused by clogging particles such as paraffins and asphaltenes. Flotek also offers additional value with its Fracmax database, which the firm uses to identify existing wells that are likely to benefit from CnF remediation.
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A recent article by Karen Boman of Rigzone outlines many of the transformative technology trends that are likely to affect the oil and gas industry in 2015. In the past, innovations such as horizontal drilling and hydraulic fracturing have helped to usher in an energy renaissance in the United States, and new oil and gas exploration and production technologies have received over $7 billion in funding since 2003.
Experts see big data technologies continuing to play an important role in oil and gas operations. These tools can provide information on matters like machine reliability by assessing variables such as temperature, pressure, and vibration to paint an image of how well equipment operates under different circumstances. Throughout the production process, companies continue to develop tools, such as downhole fiber-optic sensors and chemical tracers, to collect additional information. Emerging technologies will also play a critical role as many oil and gas companies shift from a factory drilling field development approach to more data-driven operations, seeking to increase the production efficiency of individual wells rather than focusing on large-scale drilling operations. Current technology investments reflect an interest in tools that improve drilling efficiency while lowering costs. These include devices that increase the accuracy of well lateral placement, in which discrepancies of as little as 50 feet can greatly impact oil and gas production. One of the most commonly used forms of legal documentation in the oil and gas exploration and development sector, a joint operating agreement (JOA) outlines the contractual basis for collaborative oil exploration, development, and production operations carried out by multiple leasehold cotenants.
Cotenants typically draft a JOA when more than one party holds the title to an oil and gas estate in a particular geographic region. While multiple JOA forms exist to address issues unique to various oil and gas sectors, all JOAs facilitate the appointment of a sole operator tasked with overseeing exploration, production, and development activities in accordance with the JOA, while other cotenants, or non-operators, aid in decision-making on subsequent operations. The wide variety of JOA forms includes the American Association of Professional Landmen (AAPL) Model Form 610, which serves as a general JOA that is applicable to several operational areas. This standard form creates a contractual basis for the collaborative operations, cost and liability sharing, equipment ownership, and production responsibilities of cotenants based on their ownership percentages. Additionally, Model Form 610 outlines terms and conditions for initial well drilling, the voting process, and financial allocations, as well as the methods for resolving issues related to future title disputes, acquisitions, and dispositions. In September 1960, representatives from the nations of Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela joined together at the Baghdad Conference to form OPEC, the Organization of the Petroleum Exporting Countries. The immediate goal was to prevent lowered oil prices on the global market. Over the succeeding years, the international trade group has gone on to promote its members’ economic and political interests during times of peace and world crisis alike.
A year after its establishment, OPEC welcomed Qatar to its ranks. Subsequent years saw the additions of several African countries (including Algeria, Libya, Nigeria, Gabon, and Angola) as well as the United Arab Emirates, Ecuador, and Indonesia. Gabon and Indonesia have since left the organization. Ecuador suspended its membership in 1992 and did not rejoin for another 15 years. In 1965, the group transferred its headquarters from Geneva, Switzerland, to its present-day base in Vienna, Austria. In 1973, the Arab nations of OPEC imposed an oil embargo on the United States and some other Western countries because of their support of Israel in the Yom Kippur War that year. The embargo, which ended in 1974, led to a burgeoning energy crisis in the West. Today, OPEC members have begun to focus on increasing their degree of collaboration to craft environmentally sound policies that also support developments within the oil industry. |
Sentry Energy ProductionAs the U.S. government and its residents attempt to become less dependent on foreign oil and gas, oil and natural gas exploration and development firm Sentry Energy Production LLC seeks out reserves in the most efficient manner. Archives
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