Hydraulic fracture diagnostics is the new service for upstream operators that the company Reveal Energy will offer. The company announced this Tuesday that it entered into a technology licensing and development agreement to commercialize ConocoPhillips’ patented poroelastic response measurement (PRM) technology.
Firstly, the PRM technology is a patented process by Conoco Phillips; which allows to dramatically reduce the uncertainties of multi-stage hydraulic fracture treatments in unconventional plays.
Secondly, Reveal Energy will add this technology for mapping hydraulic fractures and real-time fracture monitoring into its IMAGE Frac service; thanks to the agreement with ConocoPhillips.
Thirdly, the IMAGE Frac service was developed under an exclusive license from Equinor since 2016. Indeed, it provides simple, accurate; also, affordable hydraulic fracture maps based on pressure measurements in offset wells.
Moreover, Reveal Energy’s technology has already been used to quantify fractures; in more than 30,000 hydraulic fracturing stages in the US and Canada.
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Hydraulic fracture diagnostics and its benefits
In addition, through the agreement Reveal Energy and ConocoPhillips will also perform joint research and development in the PRM technology space.
On the other hand, about the relevance of the agreement, Sudhendu Kashikar, CEO, Reveal Energy Services, said. “We are delighted that ConocoPhillips has chosen to collaborate with us. This agreement propels Reveal Energy Services into a strong leadership position in hydraulic fracturing diagnostics using low-cost pressure data.”
He also remarked. “Operators will be able to optimize completion designs and well spacing; not just for science pads but for all projects. Reveal Energy Services is leading a fracture diagnostics culture change; to continuous monitoring with continual innovation in software and services.”
Consequently, through these services upstream operator will be able to better map, and recognize hydraulic fracture’s potential. Indeed, the IMAGE Frac pressure-based fracture mapping service offers unparalleled fracture measurements; providing insight into completion design effectiveness and well-spacing decisions.
Finally, Reveal Energy Services was originally a subsidiary of Equinor. Today the company is privately held; funded by Equinor Ventures and also Lime Rock Partners. It is headquartered in Houston.