- Technology deployments lead to efficiency increases of 22% through optimized operations in most recent quarter
CALGARY, AB – 16th June, 2020 – Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology, announced today that existing client, Permian-based oil and natural gas producer, Parsley Energy (Parsley), has digitized its entire completion operations with the SmartPAD operating system.
Having carried out its first SmartPAD deployment in December 2019, Parsley acknowledged the quality of data and streaming capabilities that could be used towards improvement in operations and an overall reduction in operating costs. The company’s most recent quarterly review data showed a 22% increase in efficiency through several process and technological implementations, including SmartPAD.
“About five years ago, we made efficiency a priority,” said Agustin De Fex, senior manager for completions at Parsley Energy. “Tracking NPT – and other areas where we felt we could make operations safer and better – involved laborious manual data recording that would tie up hours of Superintendent time. With the SmartPAD, we have access to granular, immediate, and accessible data. We’re able to drill down into our operations and make those incremental changes that result in major improvements in our safety, efficiency and ultimately our profit. In today’s market, these benefits are more important than they might have ever been.”
Using a combination of valve positioning, pressure monitoring sensors, field data collection systems and proprietary software, the SmartPAD™ is able to deliver ultra high-resolution fracking operations data with analytics. This real-time data can be accessed remotely allowing operators to make informed, critical decisions affecting both ongoing operations and long-term strategies. It also helps to mitigate risks relating to the spread of the Coronavirus on frac sites with operations able to be monitored from strategic locations both on-site and off-site, reducing person to person contact.
“We’re very proud to be in partnership with Parsley and play a part in helping them so effectively increase safety and efficiency in their operations.” said Brett Chell, President at Cold Bore Technology. “Having access to high resolution operational data allows producers for the first time to understand, visualize and seek to improve areas where inefficiencies are needlessly driving up their costs and also exposing them to potential safety issues.”
About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.
For more information, please visit – https://www.coldboretechnology.com/