Business News for the week of 23 March 2015

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Weatherford announces TruFrac® composite frac plug

24 March 2015 — Weatherford International plc announced the commercial release of its TruFrac® composite fracking plug at the 2015 Intervention and Coiled Tubing Association (ICoTA) Conference and Exhibition. With a high level of reliability, the plug maximizes the efficiency of plug-and-perf completion operations by reducing time on location.

Weatherford is the only integrated oil-field services company that manufactures its own 97% premium composite blend for TruFrac®, which allows the ability to control quality and consistency throughout the process of creating the plug.

Because of its reliable sealing capability, the plug is rated for use in environments with temperatures as high as 300° F (149° C) and pressures as high as 10,000 psi (689 bar). It can be used in single- and multiple-zone stimulation operations in vertical, deviated, horizontal, or multilateral wells. When deployed in horizontal wells, the plug can run in hole at a speed as high as 500 ft/min (152 m/min).

To date, the company has successfully deployed more than 12,000 plugs with 99.98% reliability.

SIGMAis selected for Australian oil and gas opportunities

26 March 2015 — Sigma Cubed Inc. (SIGMA3) was selected by Paltar Petroleum Limited to deliver multiyear onsite project management, engineering, and operations services covering 8.9 million acres of oil and gas prospects in the Northern Territory and Western Australia. SIGMA3 GeoEngineeringTM specialists will complement the industry-recognized expertise of Paltar Chairman and CEO Marc Bruner and chief geologist Ben Law to determine optimal placement of horizontal wellbores to intersect the organic-rich Kyalla, Velkerri, and Barney Creek Shales in the Beetaloo Basin. The work will include onsite drilling and completion engineering, core analysis, and final evaluation for future wells.

SIGMA3 also is managing the acquisition of seismic data to determine the production potential of Paltar’s holdings in the Victoria River and coastal regions of the Northern Territory and the Officer Basin in Western Australia. With seven exploration permits and more than 30 permits in the application process, Paltar is poised to explore for unconventional and conventional resources throughout the Northern Territory and Western Australia.

The virtually untapped Beetaloo Basin, with more than 3000 m of proven hydrocarbon-bearing reservoirs, is the company’s first priority. Considered to contain world-class oil and gas deposits, the Beetaloo Basin has been the objective of significant E&P investment in recent years but remains largely unexplored because of the lack of technology required to develop those kinds of unconventional resources. Based on a 2010 Ryder Scott report, recoverable deposits of oil and gas in the 7-million-acre Beetaloo Basin are estimated at 17.54 billion barrels and 63.9 TCF, respectively.

Schlumberger and Chevron sign software agreement

26 March 2015 — Schlumberger announces the signing of a long-term software contract with Chevron Energy Technology Company (ETC), a division of Chevron U.S.A. Inc. The contract provides universal access to the Petrel E&P software platform across Chevron’s entire earth-sciences organization.

In addition to the Petrel software, the contract includes other software in the geologic, geophysical, and reservoir-evaluation domains, including the Techlog wellbore software platform, OFM well and reservoir-analysis software, and ProSource E&P data-management and delivery system.

Schlumberger introduces coiled-tubing real-time multiset inflatable packer

26 March 2015 — Schlumberger announces the release of the ACTive Straddle coiled-tubing (CT) real-time multiset inflatable packer. The packer provides all functions needed to isolate and treat multiple zones on a single run without coming out of the well, which reduces intervention time and optimizes production.

The packer is conveyed with coiled tubing into vertical, deviated, or horizontal wellbores, eliminating expensive mobilizations and potential completion removals by enabling multiple treatments in a single intervention. The CT fiber-optic real-time telemetry provides downhole measurements to optimize fluid placement, to ensure accurate depth control, to monitor packer pressure during setting and unsetting, and to enable precise flow control and setting-tool manipulations.

During field testing, more than 147 inflation and deflation multisetting procedures were performed. The ACTive Straddle inflatable packer also was tested in more than six interventions in challenging onshore and offshore intervention conditions, including the Middle East and the North Sea.

Schlumberger introduces coiled-tubing real-time perforating and activation system

26 March 2015 — Schlumberger announces the release of the ACTive OptiFIRE coiled-tubing (CT) real-time selective perforating and activation system that enables perforating with CT fiber-optic real-time telemetry. The selective perforation process is repeatable at different precise depths with positive indication of each firing and hydrostatic pressure control all in a single run, saving time and operational costs.

The ACTive OptiFIRE system allows for arming the perforating guns on demand and firing each gun individually from the bottom up and is repeatable as many as 10 times. This new technology does not require a ball drop, pressure-pulse system, or fluids to detonate for reduced risks during perforating. The system can be used safely during underbalanced perforating, in low-pressure wells, or in unconsolidated reservoirs.