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Wednesday, April 6, 2011
Release–Red Spider Launches New Products to African Market
Red Spider, the remote open close technology specialist delivering multi-million savings to the international oil & gas industry, is launching two new game-changing products to the African market at a key industry event.
Red Spider is taking part in the Next Generation NGO&G Summit in South Africa on April 5-7. A paper detailing a project that used eRED, Red Spider’s first tool, resulting in significant rig time savings, will be delivered at the summit.
The valve has allowed North Sea operators to save up to $900,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In subsea workover operations savings of up to 41 hours and $800,000 have also been recorded in a single job. eRED has now been used in 12 fields and is rapidly becoming the industry standard solution for various downhole applications.
It quickly became apparent from the eRED’s continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to over $3million of investment and over two years of extensive research and development work which has resulted in PowerBall® and the eRED-FB (a completion placement valve).
Red Spider Chief Executive Officer Steve Nicol is attending the summit with Africa sales manager Barry Killoh. Steve said: “There is enormous potential for our products in the region and we have had high levels of interest already despite being newcomers to the market. The conference is an excellent forum for us to show our new completions technology to a highly-relevant audience. Red Spider has invested nearly $2.5million in the last quarter in increasing our fleet of products to ensure we can respond to growing customer demand.’’
Red Spider worked with ITF, the oil and gas Industry Technology Facilitator, on product development and commercialisation of eRED-FB, a completion placement valve that can save around 32 hours rig-time by eliminating the need for any interventions during the operation. It is essentially a tubing mounted eRED, permanently deployed as part of the tubing string which, when open, provides a full through-bore for well fluids. The eRED-FB is particularly suited to completion placement operations and development work with ITF ensured alignment of the new product with client requirements.
PowerBall® is a pioneering reservoir isolation barrier that prevents fluid loss during the upper completion phase of well construction. Its increased reliability will differentiate it from its competitors, and could potentially save operators more than $750,000 per operation by delivering major time reductions in subsea operations and significantly enhancing safety.
Red Spider worked with ITF again on product development and commercialisation. Well-documented challenges exist within the industry during well completion activities as the technologies utilised are often exposed to large amounts of debris, leading to operational failure and costly shutdown time.
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