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Friday, January 16, 2015
Fossil Bay Signs IP License with Weatherford Technology Holdings for Exhaust Gas Injection and Reservoir Pressurization Enhanced Oil Recovery
To Produce New Oil from America’s Old Oil Fields Using Portable Exhaust Gas CO2 EOR
MASON, Mich., Jan. 15, 2015 /PRNewswire/ — Fossil Bay Energy LLC, an emerging leader in high-spec enhanced oil recovery (EOR) technologies and services, announced today that it has entered into a license agreement with Weatherford Technology Holdings LLC.
Fossil Bay has been granted the exclusive right in the U.S. to make, use and sell exhaust gas handling equipment that incorporates three Weatherford patents in the field of use of oil and gas reservoir injection and pressurization applications.
“With this license from Weatherford, Fossil Bay and its joint venture partners will be able to build low-cost, next-generation, portable exhaust gas CO2 injection equipment to re-pressurize and revitalize thousands of pressure-depleted, marginally-producing stripper wells and abandoned oil fields in America, that still contain billions of barrels of stranded oil, but don’t have local access to a CO2 pipeline.
“By drilling new horizontal injection and production wells, we can use our portable exhaust gas CO2 generators in pressure-depleted reservoirs to produce new oil from old oil fields at all-in costs less than $25.00 per barrel and with estimated ultimate recoveries of more than 50%-65% of the original oil in place,” says Dan Kulka, CEO of Fossil Bay Energy.
Fossil Bay’s portable CO2 EOR process eliminates the need for pipeline-supplied CO2, because its mobile CO2/N2 gas-injection units produce exhaust gas directly at the wellhead. This enables CO2 “huff and puff” and CO2 gas flooding with Nitrogen drive to become an economically-viable and available option for thousands of EOR-worthy oil fields worldwide.
Fossil Bay currently has 100-million barrels of proved oil reserves in its asset portfolio, and is actively pursuing additional EOR opportunities with mineral rights owners and other oil producing companies whose reservoir and geological characteristics can benefit from portable Exhaust Gas CO2-EOR.
Drilling Data Analysis – A way to streamline costs in the current climate?
With an oil price dipping below $50 for the first time in six years, operators are looking at new approaches to streamlining costs in ways that not only help during the current cycle, but are sustainable and add value when the price rises again.
Dr Carlos Damski, in his book Drilling Data Vortex – “Where the bits meet the bits” suggests that one area where value can be added to reduce drilling costs is in better analysis of current data, looking for opportunities to reduce operational time, thus reducing costs.
Explaining all concepts in a very simple way and avoiding excessive technicality this book is designed for a broad audience, including drilling personnel, managers, data analysts and all professionals involved in the use of data to improve drilling operations.
“In the world of drilling there are many facets to be interpreted in the digital model” says Dr Damski. “The gap between these worlds is narrowing as the industry gains computing power to run complete models with more sensors to collect data”.
Drilling Data Vortex can be purchased as a color hard copy or an ebook from www.drillingdatavortex.com. It is also available on Amazon Kindle and other on-line stores.
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