Business News for the week of 15 June 2015
Halliburton introduces Illusion® frac plug
15 June 2015 — Halliburton's Completion Tools business line has introduced the Illusion® frac plug, the only fully dissolvable frac plug on the market. The new high-performance, 10,000-psi-rated product shortens the time to production by eliminating the need to mill out plugs after fracturing, saving time and money for operators.
The Illusion frac plug changes the method of plug-and-perf completions for fracturing in unconventional markets. Plugs can be installed at any position in the wellbore to enable optimal placement of perforations for improved fracturing, without prepositioned locator subs or other equipment that remains in the wellbore after fracking. Illusion frac plugs dissolve completely to leave an unrestricted bore for production. Because no intervention is required to clean the wellbore after fracking, risk is reduced, and production can be brought on sooner to improve the net present value (NPV) of the asset.
Weatherford releases liner system
17 June 2015 — Weatherford International plc announced the commercial release of the IntegraLine liner system with swage technology at the International Association of Drilling Contractors World Drilling 2015 Conference and Exhibition. Designed and engineered by Weatherford for critical environments, the IntegraLine high-performance liner system provides maximum reliability in critical applications such as ultradeepwater, extended-reach, and sour-gas wells with high pressures and temperatures.
The IntegraLine system is comprised of three premium components: polished bore receptacle, liner-top packer, and rotational hanger.
CGG donates software to Stanford University
18 June 2015 — CGG GeoSoftware has donated its Hampson-Russell and Jason geophysical software suites, covering all aspects of reservoir characterization, to Stanford University in California. The donated software, worth more than $3 million, will enable students to better explore reservoir characterization and conduct further research on seismic inversion.
CGG has been a member of the Stanford Industrial Affiliates Program called the Stanford Rock Physics and Borehole Geophysics Project since 2008. CGG is also a recent member of the Stanford Center for Reservoir Forecasting.
CGG GeoSoftware is a full-service provider of advanced geoscience software, including Hampson-Russell, Jason, and Insight Earth® brands in CGG's geology, geophysics, and reservoir division. The software provides a comprehensive set of tools and support for a multidisciplinary teamwork, including seismic reservoir characterization, petrophysics, rock-physics modeling, structural and seismic interpretation, velocity modeling, time-to-depth conversion, and reservoir modeling.
19 June 2015 — Aker Solutions and Baker Hughes have agreed to cooperate on early-phase studies to help customers improve the overall economics and value of oil and gas field developments. Aker Solutions' front-end spectrum unit and Baker Hughes' reservoir development services group will provide customers with development concept studies that address the entire value chain, from reservoir understanding and well design to subsea and topside facilities, including flow assurance and risk management. Each company has expertise from the full spectrum of field development. Initial customer studies are under way.
In 2014, Aker Solutions and Baker Hughes formed the Subsea Production Alliance to develop solutions that will boost output, increase recovery rates, and reduce costs of subsea fields. The alliance uses Aker Solutions' capabilities in subsea production and processing and Baker Hughes' expertise in well completions and artificial-lift technology to deliver integrated in-well and subsea systems solutions. The importance of cooperating during the early phase of a project was recognized quickly in the alliance.
19 June 2015 — GeoTeric® announces the release of its Cognitive Interpretation™ software. Developed to better harness cognitive capabilities, GeoTeric® is different from previous interpretation technologies in combining computational approaches with an appreciation of the importance of the human element in interpretation. It is designed to allow geologists and geophysicists to use their cognitive capabilities as effectively as possible and therefore generate the most accurate and detailed seismic interpretation possible.
GeoTeric® is the only complete cognitive interpretation system, allowing users to see the geology in seismic data before interpreting.