2022 in review: providing effective solutions continues to drive our growth
15 December 2022
Commentary by Eirik Renli, CEO, Fishbones.
2022 provided a great deal in which I can look back and reflect on with a sense of fulfilment. Together as a team, we have celebrated significant company milestones, announced several new contract wins, opened new facilities and even enhanced our cross-sector footprint by entering the geothermal market.
In a wider context, the demand for reservoir stimulation has risen this year, and I firmly believe that it is now viewed as an essential component of an efficient energy sector. Indeed, rather than just being seen as a solution for underperforming wells, a perception change has taken place. Stimulation is now being seen as a way to increase recoverable reserves from the outset. We strongly welcome this change in the narrative and can support those who seek to take advantage of the opportunities it presents.
Most importantly, this year has seen our technology continue to deliver hydrocarbon recovery in a more sustainable way for operators across the globe. We have delivered considerable success this year, on several continents, and I look forward to continuing this over the coming months.
The year in numbers
Regular followers of our LinkedIn feed may have seen us reach – and announce - several key milestones during 2022. This year has seen us manufacturing and installing hundreds of Fishbones subs, lowering risk and cost, and guaranteeing deep connectivity with reservoirs as we do so.
From onshore to offshore, our technology is helping to increase production rates in deviated, horizontal and challenging vertical open hole wells. We are helping our clients unlock the full value of their wells, helping to support increased global energy demands as we do so.
As a global leader in reservoir stimulation and improved oil recovery solutions, we have always been committed to innovation, hard work, and the use of the latest technology. Through our efforts, we have been able to provide effective solutions to help operators increase their recovery rates and maximize their assets.
In the current economic climate, it is more important than ever for operators to have access to cost-effective and efficient production methods. Our approach to reservoir stimulation is designed to help operators do just that, while also supporting the transition to a more sustainable energy future.
We also remain committed to supporting operators during field development to increase recoverable reserves. While we continue to support underperforming or challenging wells, when we work with clients at the early stages of a project, we can deliver even greater results. This ensures our technology delivers the maximum recovery uplift, draining reservoirs in a more efficient manner and increasing recovery.
To illustrate this, we have worked closely with Lundin Energy, now acquired by Aker BP, on the Edvard Grieg field. By working together at the start of the project, our work saw us install Fishbones technology on two of the three infill wells in last years’ campaign. This activity greatly outperformed expectations, and in January this year, Lundin Energy announced a 17% increase in reserves in the Edvard Grieg field. We will continue to support our clients with field development activity as we enter 2023.
Growth in the Middle East
Towards the end of the year, we were pleased to announce the opening of a new office facility in Abu Dhabi, United Arab Emirates. The office was opened as a direct result of increased activity in the region over the last year and towards the end of 2021.
2022 saw us surpass more than 20 wells completed across the Middle East to date, with many more projects already in the pipeline for Q1 and Q2 next year. We are well positioned for growth in the region with our technology now proven to typically more than double production for operators in the region.
We have much more to come in the Middle East with activity in the region forming a large part of our ambitious growth strategy.
2022 also saw us announce our entrance to the geothermal market, which now gives operators an alternative solution for geothermal well enhancement. As stimulation experts, we are well-equipped to provide a lateral approach to geothermal connectivity and maximize resources.
Our innovative approach and specialized subs can now enable higher flow rates and improved field economics for Enhanced Geothermal System (EGS) activity, even in the deepest and tightest wells. We look forward to supporting the sector, delivering enhanced production, accuracy, and reduced emissions in the process. We are already in discussions with several operators, so this will be an area of continued focus for us in 2023.
Looking towards 2023
Reservoir stimulation has always been a vital element of a successful energy sector. We look forward to continuing our support of operators who look to take advantage of the technological stimulation advancements available now, supporting the energy transition in the process.
Our approach allows us to stimulate the reservoir in a more targeted and controlled manner, resulting in higher yields and improved flow rates. By providing a more effective and sustainable way to stimulate reservoirs, we are helping to advance technological enhancements for the sector. I look forward to our continuation of this over the months and years to come.
All that is left to say is thank you. Thank you to my talented and hard-working colleagues at Fishbones, our customers and stakeholders. I wish you and your families a happy holiday season, and a prosperous New Year.