STEP Energy Services Ltd. and Universal Chemical Solutions Inc. (UCS) have entered into an agreement on Feb. 4 that will facilitate the delivery of post-production stimulation services to energy producers working in the Eagle Ford Shale, Permian Basin, Niobrara-DJ Basin and Bakken Formation.
Single Shot IOR is a patent-pending, post-production stimulation technique that uses liquid petroleum gasses (LPG) and proprietary chemistry to mobilize hydrocarbons in shale or tight sand, oil bearing reservoirs. The Single Shot IOR system is designed to combat post-production challenges and access unproduced pay that has been left behind by completion efforts.
“The opportunity to utilize STEP’s LPG fracturing equipment and intellectual property with UCS’ Single Shot IOR technology is expected to represent a marked advancement in improved oil recovery methods,” Mike Burvill, VP of business development and innovation at STEP, said. “STEP expects that producers will be able to increase recovery rates of their declining assets with a single pumping treatment into the hydrocarbon bearing reservoir. This could represent a substantial cost saving when compared to other high pressure, compression oil recovery operations.”
In collaboration with interested energy producers, well candidates will be identified by STEP and UCS using reservoir modelling expertise.
“UCS brings the cutting edge Single Shot IOR technology while STEP brings experience and the unique specialized equipment necessary to deliver this technology,” Tadd Wallace, CEO of UCS, said. “We believe this relationship will provide significant value to the industry, especially in the current challenging environment for shale operators. We are excited to be a part of this effort to unlock resources previously thought to be unattainable.”
Callon Petroleum and Carrizo Oil & Gas said Dec. 20 that shareholders from both companies voted to approve its pending merger, which had initially faced shareholder opposition.
Seth Urruty, COO of Oklahoma-based independent Camino Natural Resources, sat down with Jessica Morales to discuss staying attractive to investors plus utilizing technology.
John Jacobi, non-executive director at Comstock Resources, says tough times are ahead but the oil and gas industry could benefit from getting a little smaller.