As production on unconventional wells declines, oil and gas operators are looking to revitalize assets through refracturing techniques rather than drill new wells.
Ambyint, the leader in AI-powered production and artificial lift optimization, revealed on Feb. 4 a $15 million Series B funding round led by Cottonwood Venture Partners with additional investment from Mercury Fund and Ambyint’s management team.
The contracts represent the latest in a growing number of SmartPAD installations with major operators across North American fields over the past 12 months.
A recent contract for Evolution Well Services to supply electric fracking services comes as shale drillers are increasingly setting higher environmental targets.
Halliburton Co. has been awarded seven contracts for drilling and completion services for the next phase of field development of the INPEX-operated Ichthys project in the Browse Basin offshore northern Australia on Jan. 28.
Frac Shack’s acquisition of the Sandtinel sand separation system allows the company to expand and diversify its services to new and existing customers in the flowback and production industry.
Improved optimization could enhance the returns sought by oil and gas investors.
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.