NOV and NexTier to Test Electric Frac Prototype
NexTier Oilfield Solutions Inc. (NYSE: NEX) and National Oilwell Varco, Inc. (NYSE: NOV) have entered an agreement to jointly field-test NOV’s “Ideal eFrac fleet” electric fracturing system, NOV reported Wednesday.
“NexTier is excited to partner with a company the caliber of NOV as we explore potential additional wellsite emissions reducing technologies to complement our market leading dual fuel gas powered fleet,” NexTier President and CEO Robert Drummond remarked in a written statement.
Under the agreement, NOV and NexTier will test the operational capability of the electric fracturing system prototype in the field and under normal operating conditions, NOV explained. The firm added that NexTier has the option to transform from the test phase to the future purchase of the first Ideal eFrac fleet manufactured by NOV.
“This partnership to test NOV’s advanced eFrac technology progresses our journey of identifying the best solutions for NexTier and its customers and evidences our commitment to further reducing our carbon footprint,” continued Drummond. “By aligning with a quality partner like NOV and its Ideal technology, we have the ability to significantly lower the risk associated with next generation eFrac adoption and its deployment.”
NOV contends that its electric fracturing fleet dramatically reduces emissions, equipment and complexity at the well site.
“We appreciate the opportunity to advance our Ideal eFrac technology with the help of the team at NexTier, a leading provider of completions services to the oil and gas industry,” commented Clay Williams, NOV’s president and CEO. “NexTier is helping make completions technologies cleaner, quieter and more efficient, which are solutions that oil and gas producers increasingly prefer. Utilizing abundant natural gas to generate electricity, and applying NOV’s technology to drive clean, quiet operations, further strengthens NexTier’s position as an industry leader.”
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