BlueFire, the good folks out of Houston whose drill bits have rapidly won admirers throughout the oil and gas sector for their exclusive patent pending features, like polycrystalline diamond cutters (PDC) with big, fat face volumes and computational fluid dynamics (CFD) directed ports on the bit that articulately cool and clean like never before, issued a report today that their R&D department is now ready to begin developing some new deepwater production technology.
Aimed squarely at offshore wells working to recover oil under extremely high heat and pressure, the new deepwater production technology will be developed in conjunction with an as yet undisclosed oil major. The move is being made to address prevailing demand by the industry, where a growing number of wells can directly benefit from a technology that provides longer runs without having to pull the entire drill pipe up out of the well to swap in a new bit.
The company’s own findings show that BlueFire bits have been successfully used to drill an entire well without a single change in some cases. This kind of performance is music to an operator’s ears because the time and money this superior bit ability saves them is immense, not to mention the difficulty of the bit change procedure itself. The coming, proprietary PDC drill bit technology is not just the perfect weapon for an increasingly eager industry, it is a remarkably well-timed endeavor, as domestic hydrocarbon recovery continues to boom.
Recent data out of the Houston-based oilfield services giant, Baker Hughes, indicates that 1,791 rigs are underway doing E&P here in the U.S., up 13 from their prior count and up for six weeks out of the last seven, with the number of rigs operating in the Gulf of Mexico at a four-year high.
Chairman and CEO of BLFR, William A. Blackwell, shrewdly tipping his hat to investors, noted that a sustained increase in rig activity means a subsequent jump in demand for advanced E&P hardware like this and he asserted that BLFR would use this opportunity to really take their technology to the next level and deliver to markets a product that deepwater drillers can fall in love with. The company’s existing bit technology chews through hard rock formations and shales already with exceptional speed and efficiency, shaking off limestone and sticky clays with the power of CFD directed ports, so this new development should be a real show-stopper.
The company has even lined up the necessary USPTO provisional patent application to go along with this coming tech, which will no doubt become another devastating tool in the company’s already impressive production arsenal. This development move marks the latest in a series of patent coup’s for BLFR, which began back in 2012 with their PDC filing (U.S. Patent 8,100,201), and the company has a second PDC disclosure currently under review covering the bit and methods as well (file number 12/833,413).
To get a closer look at BlueFire Equipment, visit www.BlueFireEquipment.com
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