Uncovering Trillions: The Value of Secondary Oil Recovery and What It Means to the Marketplace
Online, September 14, 2012 (Newswire.com) - Wavefront Technology Solutions Inc., based in Edmonton, Alberta, is an innovator and sole patent holder of processes to increase the amount of oil recovered from wells. CEO Brett Davidson and his team have brought the company's "Powerwave" technology down from the size of a flatbed truck to the size of a FedEx package, and now have some of the largest clients in the world using it.
An independent field performance review of Wavefront's Powerwave from consulting firm Gaffney, Cline & Associates, found that Powerwave could help improve extraction rates by more than a percentage-translating to trillions of dollars if the process is applied worldwide.
Gaffney Press Release: http://finance.yahoo.com/news/wavefront-technology-solutions-inc-powerwave-152900096.html
Gaffney evaluated results from 58 Wavefront installations at five Canadian oil fields. The increases in estimated ultimate recovery (EUR) of oil ranged from 0.72 percent to 7.42 percent; the average increase was 2.56 percent. This is important because a recent BP report noted that a mere one percent improvement in oil recovery would bring two billion barrels of additional reserves; worldwide, a five percent increase in oil recovery could yield an additional 300 to 600 billion barrels.
"The 2.56% average EUR increase equals more than 4 billion barrel improvement on BP's original estimate of worldwide reserves," says Mr. Davidson. "With US crude oil prices currently what they are, doing the math means the technology has a $389 billion value to the marketplace. Our patents hold the process that could unlock that value."
Meanwhile, a 2006 report by Advanced Resources International estimated there are 400 billion barrels of oil stranded in the U.S.-a nearly $39 trillion value for the technology. If another 600 billion extra barrels are produced worldwide using Wavefront's technology, that could mean another $58 trillion.
Wavefront has licensed its Powerwave process to some of the largest oil companies for oil well stimulation and secondary oil recovery, as well as environmental groundwater remediation applications in the US, Canada, Oman, Brazil, Mexico, and Argentina. Unlike hydraulic fracturing, which uses sand/water/chemicals to fracture shale, the "Powerwave" process uses specialized tools to pulse fluid into a dedicated injection well. This maximizes oil recovery by forcing water or other Enhanced Oil Recovery fluid into "paths less traveled" to increase distribution and rescue bypassed oil.
For a video of the Powerwave process, please visit: https://www.youtube.com/watch?v=ve4btRG_TrQ&feature=plcp.
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