Reveal Energy Services has entered into a technology licensing and development agreement on July 6 to commercialize ConocoPhillips’ patented poroelastic response measurement (PRM) technology, and the companies will perform joint research and development in the PRM technology space.
Reveal Energy Services will integrate this novel technology for mapping hydraulic fractures and real-time fracture monitoring into its IMAGE Frac service. IMAGE Frac, developed under an exclusive license from Equinor since 2016, provides simple, accurate, affordable fracture maps based on pressure measurements in offset wells. It has been used to quantify fractures in more than 30,000 hydraulic fracturing stages in the U.S. and Canada.
"We are delighted that ConocoPhillips has chosen to collaborate with us," Sudhendu Kashikar, CEO of Reveal Energy Services, said. "This agreement propels Reveal Energy Services into a strong leadership position in hydraulic fracturing diagnostics using low-cost pressure data. 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.
Since 2016, Reveal Energy Services' R&D has resulted in 12 issued patents and numerous industry awards for innovation. The latest of these is the recently released ORCHID completions evaluation platform, the industry's only software that integrates all sources of diagnostic data to empower profitable development decisions faster.
With this new project, water will now comprise over 25% of the total company’s contract operations backlog.
Rig market utilization levels in the U.S. are expected to gradually increase between 2020 and 2025, but other global markets are predicted to make a speedier comeback.
The EPSm contract approach is an example of open innovation that delivers wells on a partial turnkey basis.