With energy prices continuing to fall in recent months
toward six-year lows, oil and gas exploration and production companies are
scrambling to find cost savings in order to remain competitive. Throughout the
first half of 2015, EOG Resources, Inc. (NYSE: EOG) shifted its focus toward
capital efficiency in order to better position itself to be successful in a
lower commodity price environment, and other major North American producers,
such as Anadarko Petroleum Corp. (NYSE: APC) and Apache Corp. (NYSE: APA)
highlighted similar strategies in their most recent financial updates.
Despite these efforts to cut costs, environmental pressures
remain at an all-time high, forcing major players in the oil and gas industry
to address current market conditions in a cost-effective, environmentally
conscious manner. Galenfeha, Inc. (OTC: GLFH), through the recent release of
its innovative iWaV system, is addressing this demand while potentially
revolutionizing the oil and gas chemical injection marketplace.
In a conventional reservoir, oil producers can typically
expect to extract approximately 15 percent of hydrocarbons through conventional
recovery techniques, which leaves about 85 percent that can’t be recovered
without the use of more complex recovery methods. Chemical injection is one of
the three primary techniques used in these enhanced oil recovery efforts. Using
this technique, various chemicals are injected into reservoirs in order to aid
in the mobility of oil deposits and reduce surface tension. Although chemical
injection has proven to be highly effective, it is also particularly expensive.
Traditionally, oil producers utilizing a chemical injection program have been
forced to address maintenance onsite, which creates a costly, labor-intensive
and potentially dangerous necessity that can seriously hamper financial
performance.
Galenfeha’s iWaV is an open and powerful system that enables
complete control of an entire chemical injection program through existing SCADA
infrastructure. Following implementation of the iWaV system, oil producers gain
access to a range of useful features designed to minimize the financial impact
of one of the single highest expenses of operating a well site.
“We are proud to introduce Galenfeha’s groundbreaking iWaV
system,” Lucien Marioneaux, Jr., president and chief executive officer of
Galenfeha, stated in a news release. “This new development demonstrates our
company’s commitment to provide the oil and gas industry with state-of-the-art
and environmentally conscious products.”
As the current lower commodity price environment sends oil
and gas firms in search of new solutions to cut costs and improve performance,
Galenfeha is in a favorable position to capitalize on its groundbreaking iWaV
platform. Offering complete, remote control of costly chemical injection
programs at an attractive price point, the company expects the iWaV system to
make serious waves in the oil and gas industry in the months to come.
Take a closer look at the company by visiting
www.galenfeha.com
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