SPRING, Texas--(BUSINESS WIRE)--
ExxonMobil has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System™, a key component of the company’s Fast Drill™ technology suite. The licensing agreement accelerates the technology’s commercialization by combining Pason’s expertise in drilling data and ExxonMobil’s experience in drilling surveillance and optimization.
Fast Drill combines high-end modeling of drilling physics with structured well planning and design to identify limiters and maximize performance. ExxonMobil’s drilling rate has improved more than 80 percent since introducing the Fast Drill process more than a decade ago. The Drilling Advisory System automates and enables implementation of the Fast Drill process in real time on the rig floor by integrating ExxonMobil proprietary modeling with data analytics. Use of the Drilling Advisory System has thus far improved ExxonMobil’s drilling performance at nine fields.
“Energy producers today are looking for any opportunities to improve operational efficiency and reduce costs,” said Tom Schuessler, president of ExxonMobil Upstream Research Company. “The drilling advisory system component to our efficient Fast Drill technology provides such an opportunity by enhancing monitoring and improving drilling performance, thus reducing costs.”
ExxonMobil’s Fast Drill process has resulted in an annual energy savings equivalent to removing 1,200 cars from the road. The additional reduction in fuel consumed translates to a proportionate decrease in emissions.
“The deployment of ExxonMobil’s Drilling Advisory System extends our portfolio of technologies that can significantly improve the efficiency and effectiveness of drilling operations,” said Marcel Kessler, president and CEO of Pason. “We have enjoyed working with ExxonMobil through the development and field demonstration phases of this project. This license is the culmination of that hard work.”
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. We hold an industry-leading inventory of resources and are one of the largest integrated refiners, marketers of petroleum products and chemical manufacturers. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
About Pason Systems, Inc.
Pason Systems Inc. is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, and web-based information management, enable collaboration between the rig and the office. Pason’s common shares trade on the Toronto Stock Exchange under the symbol PSI. For more information, visit www.pason.com.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including efficiency gains and other impacts of new technologies, could vary depending on operating conditions and other technical and operating factors; development of competing technologies; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
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