RED Spider’s award-winning intelligent eRED (electronic remote equalisation device) appears to have passed the acid test by completing 10 successful runs in various UK and Norwegian sector North Sea oilfields.
Operators that have hosted the device include BP, which ran it in the Valhall, Machar, Bruce and West of Shetland fields, plus Venture Production’s Carna field. Further eRED runs are being discussed with Shell and BP.
This innovative downhole flow control product is designed to remove risk and time from operations by being the only downhole tool which can be repeatedly opened and closed after deployment remotely, allowing the operator to perform applications without the need for further interventions.
Gary Smith, international business development manager at Red Spider, said eRED had shown that it was capable of delivering significant time savings in both deep and shallow set wells, so offering substantial cost savings against rig time costs.
“Operators are all seeking cutting-edge technology which can give operational efficiencies at the moment, and eRED provides this,” said Smith.
“We’re demonstrating that using eRED can save anything in the region of four to 30 hours rig time. When you consider that the day rate for an ultra-deepwater drilling rig can be in excess of $1million per day, this device offers considerable time and cost savings, as well as limiting the associated risks with conventional operations.”
The company is currently working with operators in the Middle East to develop a larger version of the eRED to suit their applications. Red Spider’s staff presence in the Middle East has tripled in less than 12 months and the firm’s Norwegian team recently moved to new offices, having grown from a one-man operation to a team of five.
Expectation is that eRED will surpass its targets for 2009. Moreover, UK and Norwegian sales alone will exceed Red Spider’s global target.
The company continues to develop the eRED range, and work has begun on developing a tubing mounted version which will be capable of permanent installation. Red Spider says this variant will be particularly suited to subsea wells, so delivering hoped-for substantial time and cost savings.
The product won the Sir Ian Wood award for innovation at the Grampian Awards for Business Enterprise in 2008.