Schlumberger gains rights to VorTeq system
USA
HOUSTON, October 20, 2015 – US oilfield services major Schlumberger has entered into a 15-year agreement allowing it to use a hydraulic pumping system developed by US oil and gas equipment manufacturer Energy Recovery.
Under the $125-million deal, Schlumberger will pay $75 million up front for the technology, which is to be used in hydraulic fracturing, or fracking, operations. Under the terms of the contract, Schlumberger will retain exclusive rights to the VorTeq hydraulic pumping system, “the first hydraulic fracturing manifold built to isolate hydraulic fracturing pumps from abrasive proppants that cause pump failure,” according to an Energy Recovery statement.
According to Reuters, Energy Recovery president and CEO Joel Gay said the system could potentially reduce the number of pumps required significantly.
“From an economic standpoint, we and our partner Schlumberger believe that we can materially reduce the cost per barrel to frack a well by virtue of going from the existing pump model to the new pump model,” Gay was quoted as saying by Reuters.
As the system protects against pump damage during fracking operations and increases operational efficiency, Schlumberger is expected to see maintenance and operations cost reductions.
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