OCTIO Receives Innovation Funding
Innovation Norway and MOL Norge support further development of the OCTIO DrillWatch technology. GCE Ocean Technology has previously endorsed the concept development with pre-project funding.
MOL Norge has decided to deploy OCTIO's DrillWatch technology for the upcoming exploration well in late 2020.
DrillWatch has the potential to improve operational efficiency and safety for drilling operations.
With look-ahead measurements, DrillWatch significantly reduces depth uncertainty of formation reflections ahead of the bit.
In addition to commercial DrillWatch applications, OCTIO will be implementing its patented processing technique for real-time look-ahead imaging of deeper targets as part of the innovation project.
– The OCTIO team thanks MOL Norge and Innovation Norway for the support. This technology collaboration opportunity can reduce cost and lower the carbon footprint of hydrocarbon extraction, says Leon Løvheim, CEO from OCTIO Gravitude.
During operations, OCTIO deploys a seismic sensor cable on the seafloor. The sensors detect the acoustic signal generated by the drilling bit, and this signal is processed in real-time to triangulate and locate the drill bit position.
Unlike conventional surveying technologies with growing ellipses of uncertainty, DrillWatch's accuracy is independent of total vertical depth (TVD) and lateral step out.
Furthermore, the acoustic signals emitted by the drill bit allow imaging of the geology ahead of and surrounding the drill bit (seismic look-ahead) in near real-time.
Unlike conventional Seismic While Drilling or Wireline VSP technologies, OCTIO DrillWatch requires neither dedicated tools in the borehole nor an external seismic source on a dedicated vessel.
Illustration of DrillWatch, OCTIO. © OCTIO.
Pre-project Funding from GCE Ocean Technology
– In 2018, GCE Ocean Technology provided OCTIO with pre-project funding to develop seismic look-ahead functionality as part of our DrillWatch service, says Leon Løvheim.
– This support enabled OCTIO to refine our DrillWatch technology. OCTIO has now secured a financial contribution from Innovation Norway and MOL Norge to demonstrate this technology on a MOL Norge drilling project in the North Sea, Løvheim explains.
OCTIO is thankful to GCE Ocean Technology for valuable support to get our seismic look-ahead technology off the ground in 2018. GCE Ocean Technology's advice and financial contributions are instrumental for small and medium-sized technology companies, Leon Løvheim, CEO OCTIO Gravitude.
GCE Ocean Technology provides financial and professional support and advice for free to establish externally funded RDI projects for our partners and members.
Jon O. Hellevang (photo) from GCE Ocean Technology assist our partners and members with project development. The focus is on establishing partnerships, identifying funding opportunities and preparing applications for relevant funding schemes.
So far, we have succeeded in helping cluster companies in securing more than 1.7 Billion NOK in external funded projects owned and run by our partner- and member companies.
We know that Innovation Norway still has a significant amount of money left for an innovation projects, so please do not hesitate to contact us to see how we can contribute.
OCTIO provides geophysical monitoring solutions for hydrocarbon producing fields offshore.
The tailored cost-effective monitoring solutions fit every project optimally and don't require large upfront investments.
OCTIO's services enhance customers' value proposition by converting geophysical data into relevant information required for efficient and effortless reservoir monitoring.
OCTIO performs the geophysical studies to support reservoir monitoring strategies, execute operations to collect and analyze data, and support data integration in interpretation workflows.
OCTIO has been a member of GCE Ocean Technology since 2008.
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