HOUSTON, TX — Reveal Energy Services recently declared that they have entered into a technology licensing and development agreement to commercialize patented poroelastic response measurement or PRM technology of ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration based in the Energy Corridor district of Houston, Texas. The companies will perform joint research and development (R&D) in the PRM technology space.
Reveal Energy Services will integrate this new technology for mapping hydraulic fractures and real-time fracture monitoring into its IMAGE Frac® service. IMAGE Frac has been developed under an exclusive license from Equinor since 2016. It provides simple, accurate, affordable fracture maps based on pressure measurements in offset wells. It has been utilized to measure fractures in more than 30,000 hydraulic fracturing stages in the United States and Canada.
Sudhendu Kashikar, CEO of Reveal Energy Services, stated, "We are delighted that ConocoPhillips has chosen to collaborate with us.”
This newly-signed agreement propels Reveal Energy Services into a firm leadership position in hydraulic fracturing diagnostics using low-cost pressure data. Moreover, operators will be able to optimize finalization designs and well spacing, not just for science pads but for all projects. Reveal Energy Services is currently leading a fracture diagnostics culture alteration to continuous monitoring with continual innovation in software and services.
Since 2016, the R&D of Reveal Energy Services has resulted in twelve issued patents and numerous industry awards for innovation. The latest of these is the recently released “ORCHID®” completion evaluation platform. ORCHID is the industry's only software that amalgamates all sources of diagnostic data to empower profitable development decisions faster.
About Reveal Energy Services
Formed as a wholly-owned subsidiary of Equinor in January 2016, Reveal Energy Services provides simple, accurate, affordable pressure-based technology that enables operators to improve completion efficiency, reduce completion cost and increase unit production. It comprises services and software namely the flagship "IMAGE Frac®", a pressure-based fracture mapping service; the "FracEYE®" frac hit analysis service; and "ORCHID®" completions evaluation software platform.
The privately-held company is funded by Equinor Ventures and Lime Rock Partners. Reveal Energy Services, with corporate headquarters in Houston, has regional offices in Midland, Denver and Calgary. Further information and details about the company are available at https://reveal-energy.com.
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