Fishbones teams up with Aker BP to develop extended-reach reservoir stimulation technology
Fishbones, a provider of alternative reservoir stimulation technology, has joined forces with major Norwegian operator Aker BP to develop extended-reach reservoir stimulation technology. The partnership has been backed by a NOK 1.25 million grant from The Research Council of Norway. This collaboration aims to further enhance the capabilities of Fishbones’ lateral stimulation technology, which has already shown significant improvements in well productivity.
Project aims to increase well productivity with extended reach needles
The focus of this industry technology development project is on the development of extended reach needles, which are small diameter laterals that penetrate the reservoir to increase hydrocarbon recovery. The goal is to extend the reach of the existing Fishbones needles by 50%. By increasing the current span of 12 meters to 18 meters, the project aims to boost well productivity and improve reservoir performance.
Fishbones seeks to extend needle reach by 50% to boost recovery rates
Fishbones aims to extend the reach of its needles by 50%, which would provide tailored solutions for diverse operational needs and increase reservoirs’ recoverable reserves. The company’s lateral stimulation technology has already demonstrated multifold increases in well productivity. With the development of extended reach needles, Fishbones aims to further improve recovery rates and maximize the potential of reservoirs.
The Research Council of Norway provides grant for industry technology development project
The Research Council of Norway has awarded a NOK 1.25 million grant to support this industry technology development project. This grant was provided as part of an initiative focused on projects that contribute to petroleum research by reducing emissions and increasing efficiency in the oil and gas sector. The funding will help expedite the development of extended reach needles and advance reservoir stimulation technology.
Norwegian operator Aker BP strategically invests in Fishbones’ well technology
Aker BP, a major Norwegian operator, has strategically invested in Fishbones’ well technology as part of its efforts to enhance the value in the Improved Oil Recovery (IOR) portfolio. The company recognizes the potential of Fishbones’ lateral stimulation technology and aims to further broaden its application range with the development of extended reach-lateral components. Aker BP’s investment in this project highlights its commitment to driving innovation and improving operational efficiency in the oil and gas industry.
Analyst comment
Positive news:
– The partnership between Fishbones and Aker BP, along with the grant from The Research Council of Norway, indicates strong support and recognition for the development of extended-reach reservoir stimulation technology.
– The project aims to increase well productivity and improve reservoir performance by extending the reach of Fishbones’ needles by 50%, which can lead to higher recovery rates and maximize the potential of reservoirs.
– The strategic investment by Aker BP highlights the company’s commitment to innovation and improving operational efficiency in the oil and gas industry.
As an analyst, I expect the market to respond positively to this news, with increased interest in Fishbones’ technology and potential for market growth in the extended-reach reservoir stimulation sector.
