Halliburton is dead set on continuing their dominance of the oilfield services market. First, came the $34 billion acquisition of Baker Hughes and now the revolution in refracking technology.
ACTIVATE Refracking Service, is Halliburton’s new extension to help bring consistency to refracking. According to Priyesh Ranjan, senior manager of business development, previous refracturing methods were not successful because they were unpredictable and not repeatable just like the odds of gambling in Las Vegas.
The technology comes at a time when drillers are finding it hard to maintain a well with oil prices at six-year lows. ACTIVATE leverages subsurface insight expertise and breakthrough diversion technology to help operators recover bypassed reserves from unconventional reservoirs repeatedly at one-third the cost of a new drill.
Halliburton brought the technology to market in July and stated it saw up to an 80 percent increase in estimated ultimate recovery (EUR) per well. Additionally, compared to new wells, ACTIVATE can reduce oil cost per barrel up to 66 percent and up to 25 percent increase in oil recovery of unconventional assets.
In the Eagle Ford and Haynesville plays the company is reporting 300 percent improvement in EUR in natural gas wells.
According to Rajan, ACTIVATE can create the next boom in the oil and gas industry.