ITF Provokes High-Level Debate on Drilling and Completions Technology Needs
12 May 2010ITF, 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 workshops being held in Houston on 26 and 27 May 2010.
The ‘Technology Challenge Workshops’ (TCWs) will result in the issue of a global ‘Call for Proposals’ to the international development community with up to 100% funding available for successful projects which address the required technology needs.
Neil Poxon, ITF managing director said: “ITF’s major operator and service company members have identified drilling and completions technologies as two areas which 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 organisations to debate the needs of the industry and kick-off the process of finding and funding solutions which will lead to 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 over $250 billion in 2008 by petroleum consultants, 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 an 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 organisation supports the development and implementation of new technologies into the industry. Over the last 10 years, ITF has been responsible for delivering over 150 joint industry projects (JIPs) with direct member funding in excess of £46 million.