|
International oil producer taps Powerwave to increase output |
|
|
|
|
|
Written by Newswire
|
Edmonton, AB - Wavefront Technology Solutions Inc. announces that one of the world's top-five oil producers has deployed the first of four Powerwave systems in its Alaskan operations.
Powerwave is an injection technology that can increase production and reserves from existing oil fields - the so-called Holy Grail for energy producers as reserves become harder to find. Recent results have shown that Powerwave can increase oil production rates by over 80 per cent as well as reducing overall production decline by more than two per cent per month. These results signal a significant increase in recoverable reserves and Wavefront is confident Powerwave will increase ultimate oil recovery by 10 to 20 per cent.
"Energy producers big and small are turning to technology to get more oil out of their existing fields as opposed to simply looking for new reserves, which is getting harder and more expensive to do", said Wavefront President and CEO Brett Davidson. "Three of the top five global oil producers operating in Alaska have been searching for an appropriate technology to economically produce billions of barrels of undeveloped reserves. We are confident these initial deployments of Powerwave in Alaska will demonstrate Powerwave's viability as an economical approach to tapping those reserves."
|
