ITF to Fund New Drilling and Completion Technologies

April 26, 2010 at 9:25 am Leave a comment

ITF, the global oil Industry Technology Facilitator, is calling on drilling and completions technology experts from industry, research and academia to identify the key technology drivers that will lead to increased drilling efficiency and optimized recovery at two upcoming workshops. The Technology Challenge Workshops (TCWs) are being held on May 26 (Drilling Efficiency) and May 27 (Completions Technology), 2010, at the Hilton Post Oak Hotel, Houston, Texas. 

            The TCWs will result in a Call for Proposals with up to 100% funding available for projects that will increase efficiency, optimize recovery and lower costs through improved drilling efficiency and innovative completions technologies.

            Neil Poxon, ITF managing director said:  “ITF’s major operator and service company membership has identified drilling and completions technologies as two areas that can deliver significant long-term efficiency, hydrocarbon recovery and cost benefits to the industry. The workshops will provide a forum for experts from the operating and service companies, independent technology developers, academia and research organizations to debate the needs of the industry and kick off the process of finding and funding solutions that will effect tangible technical and economic improvements.

            “As oil and gas exploration moves into increasingly challenging environments, drilling costs are the biggest single item of expenditure. ITF members are keen to develop fit-for-purpose drilling techniques by exploring new methods of deployment with increased efficiency and ultimately lower cost and risk,” he added.

            Worldwide drilling and completions expenditure was estimated at more than $250 billion in 2008 by petroleum consultants at Spears and Associates. With rig costs estimated to comprise $92.5 billion (37%) of this total, improving drilling efficiency, technology and equipment reliability will have a impact on the bottom line. Completions technology challenges being discussed at the workshop will likely include optimizing lower completions, minimizing control lines, effective controls of several zones, maximizing recovery and autonomous data monitoring.

            Owned by 23 major operator and service companies, ITF is a champion for technology development. Working with technology developers and its members to identify exploration and production (E&P) technology needs, the not-for-profit organization supports the development and implementation of new technologies into the industry. Over the last 10 years, ITF has funded 142 joint industry projects (JIPs) with a funding value of approximately £42.6 million.

            For further information visit: www.oil-itf.com/index/event-diary or to register to attend either TCW contact: a.martin@oil-itf.com.

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