OTC 10: May meetings set to identify drilling, completions technology drivers
Offshore staff
HOUSTON -- Drilling and completions technology experts from industry, research, and academia are being called upon by the global oil Industry Technology Facilitator (ITF) to identify the key technology drivers that point ahead to increased drilling efficiency and optimized recovery.
The topics going forward will be addressed at two Technology Challenge Workshops to be held near Houston on May 26-27.
The 10-year-old ITF made the announcement at OTC 2010, being held this week in Houston.
The result of the workshops will be issuance of a global Call for Proposals to the international development community with up to 100% funding available for successful projects that address the required technology needs identified at the workshops.
According to the ITF, worldwide drilling and completions spending in 2008 was estimated at more than $250 billion. With rig costs expected to comprise some $92.5 of that total, improving drilling efficiency, technology and equipment reliability will have an impact on the bottom line. Completions technology challenges to be discussed at the workshops likely will include optimizing lower completions, minimizing control lines, effective control of multiple zones, maximizing recovery and autonomous data monitoring.
The not-for-profit ITF is owned by 23 major operating and service companies. During the last 10 years, the organization has been responsible for delivering more than 150 joint industry projects (JIPs) with direct member funding of more than $696 million.
5/5/2010