CypherCrescent is pleased to announce that we are official partners with the Research and Development Division of the Nigerian National Petroleum Corporation (NNPC). The research centre, also in collaboration with other companies has an on-going project of searching for commercial hydrocarbons across all inland sedimentary basins in the nation.
The research aims to find the exact location of crude oil basins, will employ advance technology which will provide geophysical mapping which will identify where viable crude deposits can be found and fast track the inland basin exploration efforts.
Other partner corporations will be used to provide exact locations for drilling, while CypherCrescent’s innovative SEPAL solution will improve efficiency and safety; reduce costs, risks and time and increase revenue at every stage in the exploration and production process from existing assets, which is a reliable alternative to drilling new wells – this has successfully been done in the past in a pilot scheme.
CypherCrescent is known to provide cost effective business intelligence asset management solutions that maximize value through efficient well and reservoir management which aims to reveal hidden opportunities and propose realistic well intervention activities, reduce operations and improve asset integrity. This collaborative research will take 18 months to be completed and has crossed 65% threshold already.
According to the Group General Manager of the Research and Development Division, Dr Bola Afolabi he explains that with minimal cost, remarkable additional production potential was discovered. We are talking about a digital approach to wells & reservoir management. We are applying a first of its kind technology to easily reveal hidden opportunities and propose realistic well intervention programmes. We are seeking to improve the success rate of exploration and production well intervention activities, reduce operations and improve asset integrity, among others.
Under the ongoing NNPC restructuring, the project is to transform the 40-year old research division into an autonomous and well-equipped one-stop shop technology centre in the frontline of petroleum technology development efforts in the west coast of Africa and beyond.
Source: Press Release