UK-based oil and gas technology development company, Deep Casing Tools (DCT), together with its partner Innovaciones Petroleras Omega (InPO), has signed a Master Service Agreement with a national oil company.
The agreement will see the operator award DCT contracts and orders with an initial value of up to $13 million for exploratory wells, which follows a successful tool trial with the operator in an exploration extended reach well.
DCT will supply the operator with its best in class turbine-powered tools, TurboCaser and Turborunner, with the option to further support by provision of the MechLOK Drillpipe Swivel, SelfLOK and other new technologies.
The tools, both of which use high-speed turbine systems to land casing and completions at target depth (TD), were launched in 2011 and are widely known as industry-leading technologies.
The TurboCaser can land intermediate casings and liners at TD first time, even in complex wells and with challenging open hole conditions, using high speed reaming which reduces potential equipment damage, leads to less downtime, eliminates wiper trips and open hole exposure and enables cost-effective drill through and drill ahead.
The TurboRunner lands final completions at TD, provides access to planned reserves, reduces the risk of re-running the completion, and minimises the risk of damage to strings and completions thanks to low operation pressure. The tool is proven to be 75% faster than alternatives on the market and can reduce completion running costs by up to 70%.
David Stephenson, CEO at DCT, said: “We are delighted to have been awarded this significant contract, which increases our international footprint and solidifies our global growth plans. This agreement is testament to our expertly engineered tools and skilled global personnel, which adds value to each and every one of our client operations
“We look forward to working closely with our partner, InPO, in the successful delivery of this agreement and will strive to support the operator's productivity using our cutting-edge technologies.
“Our continued drive to create efficiency through reliable, innovative solutions means we remain at the forefront of the oil and gas downhole technology market.”
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Aberdeen Scotland GB 22 Jan 2020