Cold Bore Technology Inc., a leader in fracking completion optimization technology that secured its second round of funding by Rice Investment Group back in 2018, said Jan. 22 that one of the largest oil producers in North Dakota’s Bakken Formation has integrated the company’s proprietary SmartPAD technology.
The SmartPAD platform allows for ultra-high-resolution operations data to be captured, analyzed and acted on in real-time. This results in higher levels of efficiency, increased transparency and a safer onsite environment for workers.
Although it is currently deployed with fracking operators throughout North America, including six of the top 10 producers, these represent the first integrations of the platform in the Bakken region.
“We’ve seen interest in our SmartPAD technology grow exponentially in the last 12 months and I’m very pleased to now have our first integrations in the Bakken which is the third largest U.S. shale oil field, behind Texas' Permian,” Brett Chell, president at Cold Bore, said. “We do expect further producers in the region to begin integrating the technology over the coming months as field results demonstrate the significant value of having real-time access to ultra-high-resolution data.”
Equitrans said that the 1.6 Bcf/d Hammerhead pipeline was, however, placed in-service on Aug. 1, after being completed and injected with initial line-pack—gas stored in a pipeline—provided by EQT in July.
The production curtailment was smaller than EQT's last reduction of about 1.4 Bcfe/d of gross production on May 16 as demand destruction from the coronavirus cut prices for the fuel to a near 25-year low.
Even when U.S. benchmark prices return to $45/bbl, "very few" U.S. producers would be able to afford to expand production because of high debt levels, Pioneer Natural Resources CEO Scott Sheffield says.