Management consultant, educator, and author, Peter F. Drucker said, “If you want something new, you have to stop doing something old.”
The oil and gas industry insists it is moving forward and always has been when it comes to innovation. But anyone familiar with the industry knows it has a well earned reputation for slow adoption of new ideas.
However, there are always innovators and creative entrepreneurs trying new things. These innovative people are found in most companies, but often pursue their ideas in smaller firms where they have more freedom to experiment.
Of course coming up with new ways to improve production, protect works and the environment can save money down the road. Some of the work being done includes:
– Flotek Industries provides chemicals to the upstream business. One thing it has done, is come up unique frack fluids that use an environmentally-friendly formulation based on orange oil.
– Glori Energy is an early stage service company has an innovative approach to improve production in fields under water flooding. The Activated Environment for Recovery of Oil (AERO) platform is a patented biological process for freeing additional oil from conventional water-injection fields.
– Katch Kan develops products to protect workers and the environment. Its Rig Safety System cuts down on injuries which ensures uninterrupted production. And its Zero Spill System protects the environment but not allowing a drop of drilling fluid to hit the ground. This of course cuts down on clean up costs.
– Fairmount Santrol is one of the largest suppliers of proppants, which maximize fracture surface area in wells. Fairmount Santrol recently introduced a new category, proppant transport technology and a new product, Propel SSP. This transport technology increases hydrocarbon production by improving the distribution of proppants in the fracture network
– Blackhawk Specialty Tools was founded to provide highly engineered cementing solutions to improve the quality of wellbore construction. Key to Blackhawk’s technology is a patented automated rotating cement head which can be controlled remotely. Benefits include better cementing results, improved rig safety, increased productivity, and reduced rig time for operators.
(Source: Oil & Gas Financial Journal)