Cold Bore Technology Inc., a leader in completion optimization technology, said June 16 that existing client, Permian-based oil and natural gas producer, Parsley Energy, has digitized its entire completion operations with the SmartPAD operating system.
Having carried out its first SmartPAD deployment in December 2019, Parsley acknowledged the quality of data and streaming capabilities that could be used towards improvement in operations and an overall reduction in operating costs. The company’s most recent quarterly review data showed a 22% increase in efficiency through several process and technological implementations, including SmartPAD.
“About five years ago, we made efficiency a priority,” Agustin De Fex, senior manager for completions at Parsley Energy, said. “Tracking NPT—and other areas where we felt we could make operations safer and better—involved laborious manual data recording that would tie up hours of Superintendent time. With the SmartPAD, we have access to granular, immediate, and accessible data. We’re able to drill down into our operations and make those incremental changes that result in major improvements in our safety, efficiency and ultimately our profit. In today’s market, these benefits are more important than they might have ever been.”
Using a combination of valve positioning, pressure monitoring sensors, field data collection systems and proprietary software, the SmartPAD is able to deliver ultra high-resolution fracking operations data with analytics. This real-time data can be accessed remotely allowing operators to make informed, critical decisions affecting both ongoing operations and long-term strategies. It also helps to mitigate risks relating to the spread of the Coronavirus on frac sites with operations able to be monitored from strategic locations both on-site and off-site, reducing person to person contact.
“We’re very proud to be in partnership with Parsley and play a part in helping them so effectively increase safety and efficiency in their operations,” Brett Chell, president at Cold Bore Technology, said. “Having access to high-resolution operational data allows producers for the first time to understand, visualize and seek to improve areas where inefficiencies are needlessly driving up their costs and also exposing them to potential safety issues.”
Recommended Reading
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
Private Producers Find Dry Powder to Reload
2024-09-04 - An E&P consolidation trend took out many of the biggest private producers inside of two years, but banks, private equity and other lenders are ready to fund a new crop of self-starters in oil and gas.