Reveal Energy Services Signs Agreement to Commercialize Hydraulic Fracture Pressure Diagnostics
HOUSTON, July 6, 2021 /PRNewswire/ -- Reveal Energy Services announced today that they have entered into a technology licensing and development agreement to commercialize ConocoPhillips' patented poroelastic response measurement [PRM] technology, and the companies will perform joint research and development in the PRM technology space. Reveal Energy Services will integrate this novel technology for mapping hydraulic fractures and real-time fracture monitoring into its IMAGE Frac® service. IMAGE Frac, developed under an exclusive license from Equinor since 2016, provides simple, accurate, affordable fracture maps based on pressure measurements in offset wells. It has been used to quantify fractures in more than 30,000 hydraulic fracturing stages in the US and Canada.
"We are delighted that ConocoPhillips has chosen to collaborate with us," said Sudhendu Kashikar, CEO, Reveal Energy Services. "This agreement propels Reveal Energy Services into a strong leadership position in hydraulic fracturing diagnostics using low-cost pressure data. Operators will be able to optimize completion designs and well spacing, not just for science pads but for all projects. Reveal Energy Services is leading a fracture diagnostics culture change to continuous monitoring with continual innovation in software and services.
Since 2016, Reveal Energy Services' R&D has resulted in 12 issued patents and numerous industry awards for innovation. The latest of these is the recently released ORCHID® completions evaluation platform, the industry's only software that integrates all sources of diagnostic data to empower profitable development decisions faster.
About Reveal Energy Services
Reveal Energy Services offers simple, accurate, affordable pressure-based technology that enables operators to improve completion efficiency, reduce completion cost, and increase unit production. The flagship IMAGE Frac® pressure-based fracture mapping service offers unparalleled fracture measurements providing insight into completion design effectiveness and well-spacing decisions. The FracEYE® frac hit analysis service minimizes the effect of frac hits. The ORCHID® completions evaluation software platform lets engineers bridge the gap between data and knowledge. Reveal Energy Services was formed as a wholly owned subsidiary of Equinor in January 2016. The company, which is privately held, is funded by Equinor Ventures and Lime Rock Partners. Reveal Energy Services, with corporate headquarters in Houston, has regional offices in Midland, Denver, and Calgary. For more information, please visit: reveal-energy.com.
Contact
Sudhendu Kashikar
[email protected]
+1.832.529.1895
SOURCE Reveal Energy Services
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