From Reuters: Hi-tech and Big Data offer hope to battered U.S. oil industry

GroundMetrics Inc originally used its technology applying electromagnetic sensors to track fluid movements deep underground in geothermal wells and only late last year started marketing it for shale formations.

GroundMetrics estimates that its cheaper and more efficient alternative to microseismic technology used now in energy exploration will allow oil firms to drill 10 percent fewer wells. That, executives say, could translate into over $20 billion in annual savings for the whole industry if widely applied.

WellDog Inc is another company that is adapting an existing technology for shale oil clients. The privately-held firm was founded to work with coalbed methane producers. It’s now started to market its spectroscopy technology to shale clients to help distinguish between cheap reserves of methane and more-lucrative ethane, propane and butane reserves.

The technology also helps gauge pressure in oil wells so they can be managed better.

Baker Hughes, which counts Shell as a key client, is heavily marketing well “rejuvenations,” using proprietary software and crunching Big Data from thousands of wells to find new ways to coax more oil from existing wells.

In some cases, Baker Hughes has been able to double a declining well’s output, Freitag said.

In Houston, which doubles as the world’s energy capital and home to the U.S. space program, there is also occasional crossover between aerospace and energy.

Core Laboratories is reporting a surge in demand from the oil industry for its Kodiak Enhanced Perforating system, which uses cartridges filled with a substance used in solid-fuel rockets. Instead of propelling rockets into space, it is used to explode inside a well to help create fracks, says sales executive Mike Peveto.

The entire article can be read here.

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