1st Jul 2015 08:10
LONDON (Alliance News) - Graphene NanoChem PLC Wednesday said it has applied for a new patent application for the company's latest invention of a new drilling and completion fluid that can be used in extreme temperatures and pressures in both oil- and water-based systems.
"The group's latest innovation provides the ultimate high-performance cost-effective drilling and completion fluid, which is also biodegradable and environmentally friendly," said the company.
The company said the fluid improves the rheological properties and rheology of the drilling fluid system over high temperature and pressure conditions without altering other physical properties of the system. Rheology refers to the flow of liquids.
The fluid also lubricates without the addition of conventional lubricants, substantially reducing torque and drag effect during drilling, which in turn increases viscosity and yield point of the fluid in extreme conditions and controls fluid loss to formation during drilling process.
"The depletion of 'easy' and conventional oil reserves has led to exploration of oil and gas in increasingly challenging environments, extending to sensitive regions, particularly offshore and shale where drilling is carried out under high temperature and high pressure conditions at considerable time and cost," said Graphene NanoChem.
"Traditionally a series of additives are utilised by industry to enable the drilling fluid to operate in the extreme situations creating additional costs for both the initial drilling phase and additionally for the waste treatment that follows with stringent environmental standards now becoming the norm for the industry worldwide," it added.
Graphene NanoChem shares were trading down 3.9% on Wednesday morning at 25.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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