Shell & Halliburton Get Behind Enventure
Enventure Global Technology L.L.C. has secured agreements from Shell Technology Ventures Inc. and Halliburton Energy Services Inc. that will accelerate the global roll-out of its solid expandable tubular (SET(TM)) products. The combined global solid and slotted expandable tubular market is expected to approach $100 million in 2002/3. This growth comes from a starting point of zero just three years ago and before the end of the decade revenues are anticipated to reach in excess of $1 billion. The memorandum of understanding sets out the logistical, product development and financial structure needed to move rapidly and successfully in to the global market.
Lance Cook, CEO of Enventure Global Technology, said: "Solid expandables are core to the total expandable technology range and are widely recognized as the most impactful new technology introduced in well construction in recent years. They are changing the way wells are drilled in the same way horizontal wells did in the late eighties. In the last two years, Enventure has installed over 35,000 feet of SETs, primarily in the US, and international demand is rapidly picking up."
Following the cessation of license for expandable technology and E2Tech venture with Baker Hughes Inteq, Shell, as creator and patent holder for the technology is now able to commit full R&D backing to Enventure. At the same time, Halliburton has committed to leverage its global offices in some 90 countries to provide logistical and marketing support for the Enventure SET and other expandable technologies.