Operating in a challenging market place during a time of uncertainty, COREX has built its business over the past four decades on innovation, excellent customer service and IP.
Faced with the need to reduce operating costs, the focus on and understanding of formation damage at the production and planning stages should be greater now than it has ever been. Group CEO, Stephen Anthony reported that currently formation damage costs the industry billions of US dollars per year*. He explained, “By minimising permeability alteration (caused by formation damage) through correct due diligence and application of COREX improved hydrocarbon recovery services, an operator will be able to produce more oil in a shorter amount of time. This improves the economics of the well and makes the difference in terms of profitability; especially in the current low oil price environment. At today’s prices of $48 US dollars per barrel on a field producing oil at an average of 10,000 barrels per day, even a 1% improvement in production rate could see an operator improve annual revenues by over $1.7 million US dollars.
He added: “One of the ways to drive efficiency will be through innovation and adding value to existing data sets.”
COREX, recognised as a centre of excellence in their field use a range of bespoke specialised equipment to simulate reservoir conditions. These new and advanced technologies allow COREX to deliver more accurate and representative data to their customers to help maximise hydrocarbon recovery and reduce risks.
COREX Chairman, Graham Robertson said, “We are extremely proud of this award especially given the recent down turn in the oil and gas industry. For years, COREX has been recognised as the leading service provider in core analysis and we are committed to developing innovative ideas and solutions that keep us at the forefront of the industry. Having always understood the importance of IP, we are now taking a more concentrated and focused approach to it, looking now to promote, protect and develop IP.”
Visiting the site for the first time, Mark commented, “It was a pleasure to visit COREX and to learn more about the innovative and ambitious North East company. Having been supported by Scottish Enterprise, COREX is a fantastic example of the high calibre of work that companies across the North East and Scotland can achieve when supported.”
He added, “Recently, is has been discussed that internationalisation is the way forward for the oil and gas and energy industry – where opportunities to export should be grabbed. As a globally recognised company already, COREX should continue to develop this, but with IP and innovation as two of their key and leading strategies. This focus should be maintained and developed to see the company continue to grow and become world renowned in supporting the industry in oil recovery.”
More details can be found in the COREX technical paper here: http://www.corex.co.uk/files/6213/8097/6233/SPE-165110.pdf