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Wavefront Technology Solutions Believes in Drilling Less and Recovering More, in Energy Digital
May 23, 2012 (05:05 PM EDT)
SAN DIEGO, May 23, 2012 /PRNewswire/ --
Wavefront Technology Solutions presents a technology with the potential to transform the industry of enhanced oil recovery in May's issue of Energy Digital
This month, Energy Digital discusses Wavefront Technology Solutions' revolutionary PowerWave technology and its potential to increase oil supplies in the US more than proposals for the pursuit of oil sands.
With prices at the pump skyrocketing and international oil supplies at risk, many believe the answer is to drill more or follow through with the Keystone XL pipeline, pumping crude from Canadian oil sands into refineries deep in the US. But what about the stockpile of domestic oil resources right below our feet?
The U.S. Department of Energy estimates that there are up to 430 billion barrels of recoverable oil in the U.S., with more working oil and gas rigs than any other country in the world. The problem is, hundreds of oil wells shut down earlier than necessary, because the remaining oil is considered "stranded." Up until this point in time, enhanced oil recovery (EOR) has only been able to go so far, typically leaving about 80 percent of oil behind.
Wavefront Technology Solutions, a Canadian based company, has devised a solution for extending the life of those wells using advanced technologies without posing a risk to the environment. Using its specialized PowerWave equipment, oil companies can slow the rate of production decline and extend the life of oil fields by 10 percent or more in most cases.
"We don't have to necessarily drill as many wells to get the same, or greater, amount of oil from the ground," says Wavefront's CEO Brett Davidson. "By applying PowerWave as an optimization technique to current methods being used for EOR, we might be able to reduce the overall number of wells being drilled by maximizing oil recovery."
Davidson explains that Wavefront's technologies have enormous potential in tapping the US's abundantly, hard to reach oil supplies. Although the technology is only in about one percent of the number of wells available for EOR, PowerWave's proven success and continuous growth is expected to become commonplace throughout the industry and have a real impact on domestic energy security.
"That's a big win for the industry moving forward-that we can revisit mature or abandoned assets, revitalize them and squeeze more ounces out of them."
About Energy Digital
Energy Digital is a leading digital media source of news and content for C-level executives focused on business and all aspects of managing the environment. Energy Digital provides information for industry specific issues such as: Renewables; Global Operations; Exploration and Production, and Green Business. Energy Digital is the industry-dedicated arm of the WDM Group. Founded in 2007 by entrepreneur Glen White, WDM Group retains a diversified portfolio of websites, magazines, mobile apps, daily news feeds and weekly e-newsletters that leverage technology to innovatively deliver high-quality content, analytical data, and industry news.
Energy Digital is headquartered in San Diego, California, with additional offices in Boston, Toronto, Mumbai, and Norwich, England. For more information, contact +1-760-827-7800 or visit http://www.energydigital.com.
SOURCE WDM Group