ADVANCED WELL MONITORING SYSTEMS BY NEOTEK ENERGY HELP INCREASE OIL PRODUCTION BY UP TO 30% IN COMMERCIAL FIELD TRIALS IN THE PERMIAN BASIN
For Immediate Release, December 07, 2020: Privately held NeoTek Energy Inc. (NeoTek) of Plano, TX announced today that preliminary field testing of its Gas-Oil-Ratio Analyzer (GORA) in conjunction with a major energy partner has identified the ability of the GORA to help increase oil production by up to 28% from a series of commercial wells in the Permian basin. The GORA leverages NeoTek’s patented DirectRead® chemical sensor as part of a continuous monitoring surface system to determine gas/oil/water output from producing wells.
In this field test, NeoTek applied recent advancements in physics-based artificial intelligence software to turn GORA data streams into actionable intelligence, allowing the operator to make field adjustments in well operations to maximize the production of oil from individual wells. This testing was performed in support of a DARPA project to prove the feasibility of new approaches to improve Artificial Intelligence applications to large data streams. Initial results were recently reported in a paper presented at the SPE Virtual Improved Oil Recovery Conference in early September 2020 that was coauthored by NeoTek Energy, SC Solutions, Inc and Kinder Morgan.
“The GORA is particularly useful in managing wells in mature fields where its low cost and small footprint make it practical to monitor and adjust well production on individual wells at a later stage of their production life”, according to Charles Stuewe, President and CEO of NeoTek.
In addition, the Company reported that its first commercial installations of its larger and more sophisticated Wellhead Fluid Analyzer (WFA) with a major independent oil-producer had also demonstrated production improvements of up to 30% on wells in the Permian basin. The WFA is projected to enable production improvements such as these through EOR and reservoir optimization, and to also aid operators in streamlining their workflows to reduce well management costs.
Both the GORA and the WFA are supported by NeoTek’s Cognizance® software and cloud platform that captures the real time data and assembles it in a format useful to production, maintenance and management personnel.
NeoTek is a technology company serving the upstream oil and gas industry. It has developed, field validated, and recently commercialized two scalable oil-field measurement systems to help improve production from existing and new wells. For more information contact: Investor Inquiries, Jim Valentine, email@example.com (203) 253-2039; Company Contact, Charles Stuewe, firstname.lastname@example.org (469) 206-6659.