Norway Country Report

Presented by

Discovery Reports

NOV Seabox introduces a game-changer to evolving oil industry

PUBLISHED : Friday, 04 December, 2015, 4:18pm
UPDATED : Wednesday, 23 March, 2016, 5:09pm

Evolving industries such as oil and gas require equally dynamic technologies in order to increase recovery, reduce expenses and, ultimately, deliver a more efficient energy supply to high-consumption markets, including China and Asia.

"With the era of 'easy oil' coming to a close, it is becoming increasingly important to maximise extraction out of existing oil reservoirs," says Helge Lunde, managing director of drilling solutions provider NOV Seabox. "Such a challenge calls for game-changing solutions that should revolutionise the future of energy."

NOV Seabox's game-changer is the subsea water injection and treatment (SWIT) technology, which enables the treatment of raw seawater directly on the seabed to the desired quality for injection into oil wells for pressure support, sweep and increased oil recovery. Unlike expensive traditional water injection methods, SWIT's flexible approach allows operators to optimise water flooding using the right quality water where and when it is needed - improving oil recovery while reducing costs.

"In the Norwegian continental shelf alone, this translates to roughly an additional US$30 billion in added value for every 1 per cent increase in oil recovery," says Torbjørn Hegdal, business development manager. "Equally impactful is SWIT's reduced chemical use, power consumption and carbon footprint - environmental aspects that are crucial to any operator's sustainability."

Holding more than 30 international patents, SWIT solutions can be scaled to any capacity and delivered within 12 months. These are projected to maximise opportunities particularly in markets with growing offshore oil production, including Malaysia, India, Vietnam and other parts of Asia, where NOV Seabox aims to work with oil companies, subsea contractors, engineering houses and industry suppliers.

"Oil - even amid emerging green energy sources - will be essential in helping meet the world's ever-increasing energy demand," Lunde says. "Our vision is to empower operators to harness maximum yields - and, in turn, help provide access to reasonably priced energy and good standard of living."

NOV Seabox