Graphene Nano Picks Up Drilling Lubricant Contract in Turkmenistan
Tuesday 6 October 2015
LONDON (Proactive Investors) — Graphene Nanochem (LON:GRPH) has won a $384,000 order for its water-based drilling additive PlatQuartZ from a Middle East oil company working in Turkmenistan. The additive enhances the rate of penetration in drilling and oil recovery in difficult wells. PlatQuartZ will be used as part of Scomi Oiltools’ existing 3-year onshore drilling contract.
Graphene and Scomi Oiltools, one of the Asia’s largest oilfield services companies, have a joint venture covering a number of oilfield drilling lubricants and products. PlatQuartZ will be used as part of Scomi Oiltools’ existing 3-year onshore drilling contract for between 8-10 wells.
Graphene’s strategy is to build sales through ScomiOil customers switching to its products on existing contracts. PlatQuartz is an environmentally-friendly lubricant additive designed to enable high temperature and pressure performance for water-based drilling muds.
The successful field deployment had also secured PlatQuartz automatic qualification for a new three-year tender in Turkmenistan to be awarded by the end of the year.
Jespal Deol, chief executive, said:
We are excited with this development.
The proven field performance of our product in helping the industry to reduce drilling cost is creating good track and positive momentum that allows us to continue increasing sales and expanding our geographical footprint in higher margin opportunities.