BG Group plc, is a global natural gas business. Active on five continents in over 20 countries, it operates four business segments - Exploration and Production, LNG, Transmission and Distribution and Power. The initial two-well drilling program is in the Norwegian and UK sectors of the North Sea and is due to commence mid 2007 and complete in approximately 12 months.
Plexus has been steadily building the reputation of its POS-GRIP technology, which is a new method of engineering for wellheads. In HP/HT applications the technology combines various operational benefits, which result in safety improvements and installation time cost savings.
The POS-GRIP proprietary adjustable wellhead system is specifically designed for jack-up rigs, where it eliminates the need to remove the well control equipment (the blow out preventer or BOP), when landing and sealing casing, and where it accurately manages the casing load applied at the top of the conductor casing. The potential installation time savings derived from 'through the BOP' technology, provides, at current rig rates, operating cost savings that can exceed the rental cost of the system provided.
The Directors are not aware of an existing alternative technology which can match the safety and cost saving advantages of POS-GRIP technology, and anticipate that over time more operators will come to recognize the potential of these systems across the pressure spectrum.
Plexus CEO Ben van Bilderbeek said: "We are excited about the opportunity to move Plexus' POS-GRIP technology from its current HP/HT capability into the extreme high pressure field. The development of qualified 20,000 psi POS-GRIP wellhead equipment, which can be safely installed without having to remove the BOP's to set the casing, represents a significant milestone for the industry, and will further strengthen the reputation of this unique method of engineering in the global oil and gas market.
I believe that in the years to come friction grip and direct sealing technology will play an important part in the search for solutions needed to successfully drill and complete wells in extreme high pressure gas formations, such as exist in the North Sea and the Gulf of Mexico and in many other areas of the world."
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