Geo-political tensions (Russia-Ukraine war) and increasing disparity in supply and demand are driving oil prices up. They’ve now climbed to their highest level since 2014—over $110 a barrel now. Researchers at J.P. Morgan say $185 a barrel isn’t out of the question. OPEC sticking to its plan of gradual output isn’t helping either.
Increased oil prices often translate into pain at the pump for motorists. That’s not something world leaders want. So, it’s no surprise they’re pressuring producers to boost oil production dramatically. But doing that is easier said than done. Downhole conditions around or beyond drilling tools’ design specification constraints can affect even the sturdiest and most reliable components, boosting downtime and maintenance repair costs.
Downhole drilling tool calibration ovens, like Despatch’s PTC ovens, are playing a major role in helping downhole drilling tools reach peak performance. That keeps oil rigs up and running and a continuous flow of oil going. Calibration ovens help optimize production, boost efficiency, and increase safety—all while saving time and money. The key is finding a Calibration oven that fits your needs.
Ramping Up Crude Oil Production
Oil price hikes can be a drag on a country’s economy. They boost inflation, erode consumer confidence, and limit discretionary spending. Prices have spiked five times in the last decade—2015, 2013, 2012, 2011, and 2008 with disastrous results. With the summer driving months in sight, there’s no telling where the price of oil will end up and how much it will damage economies.
Some countries are releasing strategic reserves to dampen demand. While that’s a help, it won’t take a big bite out of the price of oil. Boosting production is the most sensible and practical solution to climbing oil prices. That’s fine with producers. Increasing production can net them a tidy profit in 2022 while helping lower gas prices.
COVID-19 is just one of the challenges handcuffing producers in 2022, other challenges include unexpected shutdowns, worker onboarding, meeting stringent environmental standards, achieving operational excellence, and increasing competitiveness.
Downhole Drilling Tools Help Boost Oil Production
Downhole drilling tools are critical to taking oil production to the next level. Used for well drilling, completion, and intervention, or well workover activities, the tools help optimize oil production and maintain a continuous oil flow. The tools are reliable and popular, so it’s no surprise the drilling tools market is expected to reach valuation of US$8.5 billion by 2027.
Downhole drilling tools help producers meet the demanding technical challenges of oil production, such as positioning and pressure management. The drilling tools perform many functions, such as video inspections of drilling instruments, geophysical logging, and natural gamma-ray logging.
But downhole drilling tools can experience fluctuating and extreme conditions, which can boost failure rates and operational reliability. Calibration ovens help ensure drilling tool uptime. Designed specifically for downhole drilling tool applications, they enable burn-in and qualification testing of downhole drilling tools.
Choosing the Right Calibration Oven
Oil producers also use downhole calibration ovens to determine how long the tool’s electronics can operate accurately under adverse conditions and elevated temperatures. Oil producers, for example, use waterproof cameras on drilling tools to create a visual record of well casings, screens, and open holes.
Production workers lower the downhole drilling tool into the well using a triple armored coaxial cable. This procedure provides a permanent videotape recording of the well’s status, boosting safety and production. That, in turn, helps prevent sudden shutdowns because of equipment failure or adverse hole conditions.
But choosing the right downhole calibration oven is a challenge. Not all calibration ovens are the same. Some provide a combination of features competitive models can’t match. Despatch’s PTC calibration ovens, for example, offer a unique chamber size and force-convected airflow that provides uniform heat over the tool’s length and a digital three mold PID control for precise temperature control.
PTC Calibration Ovens to Help Optimize Production
There’s no telling how high the price of crude oil will go in the next few months. With the summer fast approaching, the price of crude could hit $185 per barrel or more. A high price for crude oil can wreak havoc with a country’s economy, so world leaders are pressuring producers to boost oil production to the next level.
Oil producers are more than happy to comply. Boosting production will pump up revenues in 2022. But boosting oil production is a challenge thanks to the pandemic and other challenges oil producers face. Despatch’s PTC downhole drilling tool calibration ovens can help producers meet their production goals.
By ensuring downhole drilling tools achieve peak performance, the PTC ovens let producers conduct burn-in qualification testing, calibrate the tool’s electronics, and optimize oil production—all while saving producers time and money. More importantly, they can help producers meet the demand for higher oil production.
Despatch offers a wide variety of industrial ovens, contact us for help with selecting a configuration that meets your specific needs.
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