Advanced Downhole Petrophysics Ltd

Globally the oil and gas industry spends around $15BN each year assessing reservoir rock properties for production decision-making. Approximately 1 in 10 wells assessed is then incorrectly developed (at an exploration cost of $12M per well) and subsequently abandoned. Including rig costs, the estimated annual cost of wells that are abandoned during exploration and development is around $37BN. ADP is delighted to introduce its MagPI™ tools and services; these bring an innovative reservoir evaluation method to market and will significantly improve decision making, thereby reducing the risk, time and cost of developing reservoirs. The new method will reduce the number of incorrect development decisions taken with regard to both viable and unviable reservoirs. The method is protected by patent and has hitherto been used on a limited scale for commercial lab analysis to assess reservoir rock properties (lithology) and in particular rock permeability (the ease with which fluids flow through rock). Permeability is one of the most important parameters controlling reservoir productivity but historically has been one of the most elusive to accurately evaluate.
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Employee Count: 2
Keywords: oil & energy