An industry ready for step change technology
WeST’s Continuous Motion Rig might be just the solution.
From 2000 to 2012 the average cost of drilling and well operations had a trifold increase. Now, due to the downturn in the Energy industry, the escalating well costs has reversed. While the energy industry has adjusted to the lower price regime, it is still in need of a step change technology when it comes to drilling and well activities.
This was the premise when industry leaders, researchers and drilling experts attended a “step change” seminar at the International Research Institute of Stavanger (IRIS) on 9 May. On the agenda – drilling efficiency and new technology. And a guided tour of the Continuous Motion Rig.
Delegates from today’s IRIS-seminar on a guided tour of the Continuous Motion Rig (CMR). Here is CEO Odd Skjærseth in engaged conversation in the control room of the world’s first drilling rig with continuous drilling and circulation
Speakers from IRIS, Norwegian Petroleum Directorate, Statoil, Cubility and WeST Group presented research, analysis and new products.
Future wells require low costs
According to the Norwegian Petroleum Directorate, 4.165 wells have been drilled on the NCS throughout history. They have delivered an estimated 47 % of all oil reserves on the Norwegian Continental Shelf, while 53 % of all oil reserves remains below the surface.
“There are many wells remaining”, concluded Odd Tjelta, chief engineer for field developments at the NPD.
The industry downturn has reversed the cost of well operations, which in turn leads to more new wells and increased activity in the future.
“As we get more activity for every krone invested, it becomes important to have cheap and smart technological innovations. The petroleum industry is Norway’s largest industry. For it to continue we need to drill new wells and we need new technology. We believe that the activity on the Norwegian continental shelf will be high for years to come,” Odd Tjelta remarked.
Automated and continuous drilling is the solution
The Continuous Motion Rig (CMR) is exactly what the industry is looking for.
“For the first time in history it is possible to connect drill pipes without stopping the drilling process. The new technology will lead to drilling cost reductions between 40–45 %,” explains WeST`s CEO, Odd Skjærseth.
Featuring lower emissions and a reduced environmental footprint, West’s advanced technology rig enables drill pipes to be connected without interrupting the drilling process. This leads to a massive reduction in drilling costs. Operators and drilling companies will be able to reduce 40-45 % of costs associated with drilling.
Recently, WeST Group entered into a partnership with one of the world’s largest owner of land rigs, Nabors Industries Ltd.
According to Norway's Minister of Petroleum and Energy, The CMR- technology can contribute to substantial cost reductions related to drilling and down-hole activities.
Potential clients and partners are welcome to get in touch for a guided tour of the Continuous Motion Rig in Stavanger.
From the erection of the world's first drilling rig with continuous movement of drilling tubulars, drillstring & casing, on the grounds of IRIS in Stavanger.