Blog: Opportunities for growth will remain in 2022
21 December 2021
2021 was a year of growth for Fishbones, as we announced multiple contracts, recurring orders, new appointments and technological updates. We’re taking the opportunity in this month’s blog to look back on some of our key successes over the last 12 months.
While we reflect on what we’ve achieved, we’re also looking ahead to 2022 with a sector overview and outlining where we see opportunities for growth.
Extending the life of wells
Published earlier this month, I read the Oil and Gas Authority’s ‘Wells Insight Report’ with great interest. It noted that there had been a growing trend of well interventions over the last four years, with the strongest focus on safeguarding and protecting hydrocarbon production. As stimulation experts, we are well placed to meet this increasing demand. Fishbones’ Stimulation Technology is a proven enhanced-oil-recovery solution that redefines stimulation operations by providing viable, risk-reduced and cost-effective alternatives to traditional stimulation methods. Fishbones provides deep well connectivity to access hydrocarbon reserves boosting production rates by converting expensive and previously unprofitable reserves to well-connected assets. We anticipate demand in the product to grow into 2022 and beyond.
2022 – a year of opportunity
Market projections have indicated the expectation for an increase in investment and activity in the global oil and gas industry. However, at the same time, I think most of us in the industry expect to see lower exploration activity in new acreage over the coming years. In this setting, it would be fair to predict an increasing trend and growing urgency for maximizing production from existing fields. This setting will provide us with tangible opportunities for growth, particularly by re-stimulating existing wells. We are also increasingly looking ahead to emerging markets like geothermal. We are increasingly viewing the sector as a real long term growth market, and one where our technology and expertise can be utilised to deliver success.
Looking to an environmentally friendlier future
All those in the oil and gas industry share a responsibility and an obligation to contribute to minimize the environmental impact from our activities. At the same time, we must all continue to fulfil global energy requirements. In my view, the balancing act to satisfy both sides of the equation will be our challenge going forward. However, we are well placed to do so.
Earlier this year, we were proud to publish findings evaluating the relative carbon emissions footprint between our stimulation options and alternative conventional completion techniques. The independent study, which was undertaken by THREE60 Energy, found that CO2 emissions for our stimulation activity was a fraction of alternative practices. The report calculated that CO2 emissions generated by Fishbones Jetting stood at 6.7 tonnes per completion compared to 53.3 tonnes generated by acid-fracturing. Similarly, the calculated Fishbones Drilling CO2 emissions stood at 35.4 tonnes per completion, with propped-fracturing techniques generating 651 tonnes of emissions by comparison.
It has long been our belief that Fishbones’ stimulation technology can assist operators in their efforts to increase or maintain production, in a way that is more environmentally friendly. In 2022, we will go further in delivering this message to the industry, highlighting our efforts to facilitate more environmentally friendly stimulation in the sector.
A message to our customers
We have proven that our technology is providing a viable route to maximising existing assets while minimising costlier, less environmentally friendly processes. Because of this, we are entering the new year with renewed enthusiasm. The entire team is looking forward to the opportunities that 2022 will present.