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Oilfield service providers (OSP) have been among the hardest hit by the decline in oil prices, the top four have laid off over 40,000. Yet, most of the major OSPs are continuing to release new products and solutions designed to help companies find oil faster and more cheaply, drill for oil faster and at lower costs, and produce the hydrocarbons more efficiently, more cost effectively, and with the aim of increasing ultimate recovery potentialities (Peak oil theory anyone?).
Baker Hughes recently released its next-generation JewelSuite 6 software, with integrated applications for geological modeling and reservoir engineering, geo-mechanical modeling, and reservoir stimulation. The software provides effective modeling solutions to help operators increase certainty in their operations, reduce costs, and improve productivity.
Developed in close collaboration with a major E&P operator, each JewelSuite 6 software application has a modern intuitive user interface, automated workflows, and built-in smart rules to help increase operational efficiency, data accuracy, and accelerate the learning curve for new users.
Magnitude, a Baker Hughes company, recently announced the commercial release of two new offerings, the IntelliFrac VSP-Enhanced monitoring service and the IntelliFrac Recomplete service, as part of the company's line of IntelliFrac advanced micro-seismic services.
The new IntelliFrac VSP-Enhanced micro-seismic monitoring service integrates vertical seismic profiling (VSP) and time-lapse quantitative VSP analysis with traditional micro-seismic measurements to facilitate improved fracture designs, help optimize real-time fracture applications, and deliver more accurate and far-reaching fracture mapping than is possible by just using micro-seismic measurements alone.
The IntelliFrac Recomplete service combines micro-seismic depletion zone mapping with advanced Baker Hughes completion and pressure pumping technology to design and execute effective, efficient re-fracturing treatments that target and isolate non-depleted regions along the wellbore. Using this service, operators can avoid re-stimulating areas of the reservoir that have little hydrocarbons left to offer, reducing re-stimulation costs while still optimizing the potential recovery from their re-fracturing operations.
ARC will continue to keep abreast of, and report on, these new solutions as it believes that continued investments in automation and technology designed to drive out costs per boe, increase ROP, increase production, improve recovery rates and boost EUR, as well as spur greater innovation and collaboration, which will all help better position the oil & gas industry to survive in today's more challenging times, and flourish when prices return to a "new range" of between $70/barrel and $90/barrel in the coming years ahead.