Geosplit Increases Its Presence in Asian Market and Opens Research and Development Laboratory in China
Geosplit, a portfolio company of Rusnano Sistema SICAR fund (a joint venture investment fund established by RUSNANO and JSFC Sistema) continues to perform oil and gas well diagnostics using marker-based technologies in China. After the first projects were implemented at the Changqing field, interest in marker-based well diagnostics technology has grown significantly.
Geosplit continues to collaborate with Haimo Technologies as part of the $2 mln agreement between the two entities, as well as a number of other leading Chinese oilfield service companies, which is why it has access to all of PRC’s main oil and gas fields managed by three state oil and gas corporations CNPC, Sinopec and CNOOC.
High demand for marker-based technology in China; Geosplit’s strategic plans for future business development in the Asia-Pacific region; China’s government-sponsored programs to ramp up natural gas production, and other factors have all helped determine the company’s next step—setting up a research and development laboratory in China.
The new laboratory was opened in a district of Suzhou, referred to in an ancient Chinese proverb as “Heaven Above, Suzhou and Hangzhou on Earth.” The city is located in the crucial transport and commercial centre of the Jiangnan region—the richest part of the country with a pleasant climate and picturesque landscapes. In addition, Suzhou is located in close proximity to Shanghai – one of the largest logistics hubs in East Asia.
At present, the Geosplit laboratory is engaged in analyses of samples delivered from Chinese oil and gas wells, it is also Geosplit’s most important strategic facility in China. This laboratory will, undoubtedly, facilitate optimization of work processes, closer ties with Chinese customers and consolidation of the company’s presence in the region.
The Geosplit markers used in Chinese fields ensure that an uninterrupted flow of data on productive intervals of well inflows is obtained multiple times over a number of years without stopping production or changing well operating conditions. The technology facilitates field digitalization, and using Geosplit data in combination with geological information increases production effectiveness not only of a single well but also of an entire field, thereby solving the issue of localization of residual reserves.
During the 1-year period of cooperation, the Chinese partners have been highly appreciative of the advantages of Geosplit’s well logging technology and they anticipate that its wide-spread use in the fields will bring them one step closer to digitalization.
Interest in Geosplit technology from foreign clients continues to grow, and pilot projects are to be launched in the Middle East.
GeoSplit is a high-tech full-cycle oilfield services company, a developer of technologies for production logging based on quantum markers; it is a Skolkovo Foundation resident company.
For additional information, please visit www.geosplit.ru