Prior to abandonment, wells may be suspended, which could have financial implications for operating companies through the Licensee Liability Rating (LLR). In an environment of low oil and gas prices, more wells are being suspended, increasing the financial strain on many producers.
Innovative technology solutions are needed to alleviate the situation, says PTAC, and a Swiss company believes it has one. Globotics Industries wants to bring its low pressure pumping system (LPPS) to Canada.
The company says the system is particularly attractive in today’s crude oil bust, because while it will bring new revenue to the operator, it comes at no additional cost.
The system is designed to recover significant quantities of fluid from wells that would otherwise be unusable, both by boosting the flow with a thrust action and by reducing the wellhead pressure, thus improving the normal productivity of the well.
Massimo Bianchini, Globotics chief executive officer, says that where it is found to be applicable, the company will pay all the upfront cost to establish the LPPS system, and operate it with only a daily fee and royalty paid by the operator.
“We propose our LPPS system in a full-service formula. That means that all investment cost is paid by us—the oil company has no capital expenditure