A patented new technology which aims to provide major cost savings to oil and gas operators has been launched by north-east company Red Spider.
PowerBall is a reservoir isolation barrier that prevents fluid loss during the upper completion phase of well construction.
Its increased reliability is said to differentiate it from its competitors, and could potentially save operators up to £500,000 per operation by delivering time reductions in underwater work and enhancing safety.
The technology received funding through the oil and gas Industry Technology Facilitator (ITF).
Some £500,000 was invested in the development of the technology by four operator members: BP, BG Group, Chevron and Maersk Oil.
Red Spider has also committed more than £700,000 to the project.
Steve Nicol, chief executive of Westhill-based Red Spider, said: “PowerBall will offer reliability and huge savings to the global energy industry.
“Crucial to delivering this product in such a short timeframe has been commitment from the four operator sponsors brought together by ITF. Through the ITF process we were able to pool the knowledge from the project sponsors, which allowed us to draw on their industry experience to close out potential problems that may have delayed development of the technology.”
ITF technology manager Keith Mackie said: “Effectively tackling industrywide challenges such as well completions is a prime focus for ITF and its membership.
“When a ground-breaking technology like PowerBall is delivered into the marketplace, it provides benefits for the entire international community. Our joint industry projects have resulted in many pioneering technology solutions being taken from the ideas stage through to full commercialisation and implementation.”