Coretrax continues to invest in response to evolving energy opportunities

John Fraser, chief executive officer, Coretrax, spoke exclusively to Energy Connects about his outlook for the evolving energy sector and how well technologies are being adapted for new markets.

Coretrax has achieved significant and sustained growth since its launch 15 years ago, what has driven this success?

The energy market is constantly changing, and this is markedly evident in the last few years as the energy transition ramps up. For us, this means adapting to our customer demands and finding solutions to new problems. Despite our sustained growth, we have remained nimble and agile which allows us to respond quickly to market requirements.

Innovation has always been in Coretrax’s DNA and it is a key motive for our continued success. We currently have more than 50 technologies across our four clear product lines which address every stage of the well lifecycle. Our developments have broken down the barriers of what was previously deemed possible, and as we continue to explore new concepts and applications, this ensures we remain at the forefront of well challenges. We continually invest in research and development and have developed a culture to support that forward looking mindset.

Coretrax has been active in the Middle East for more than 10 years, what is your current outlook on the region’s energy sector?

The Middle East is a highly active market and I see no sign of this slowing down. Coretrax is currently active across 250 rigs in the region, and we employ more than 125 people across our bases in Saudi Arabia and MENA. Looking ahead, we have plans to recruit around 40 more in the region this year to support our expanding operations.

In response to decarbonisation efforts, we have seen a significant rise in the deployment of our expandable tubular technology as operators increasingly seek new methods to extract greater recovery from existing wells, with a lower carbon footprint. Our solutions, including the RelineMNS and RelineWL, are customized for integrity, recompletion and open hole applications and are proven to deliver a 700% larger flow area when compared to traditional straddles.

As oil and gas continues to support global energy demands, this technology actively addresses operator challenges by unlocking greater commercial value, while saving critical rig time which ultimately reduces emissions.

What are the key trends you see impacting the well intervention market?

As sustainability remains a focal point for the industry, this will continue to drive the requirements for well intervention. A recent report from Rystad Energy highlighted that workover spend is projected to jump by nearly 20% in 2023, and total $58 billion and this is in no small part spurred by operators aiming to extract additional resources from existing wells, opposed to drilling new ones.

This objective is also clear within the drilling sector, with Environmental, Social and Governance (ESG) priorities more prominent as our customers seek new technologies which deliver enhanced recovery in shorter timeframes.

How is Coretrax’s technology supporting the geothermal and carbon capture  industries?

Our product portfolio is ideally suited to support these growing markets and it is an area we are already active in. We recently supported our first carbon capture (CCS) and geothermal campaigns and see significant potential in the lower carbon sector to bring our technology and expertise to emerging opportunities. We are already seeing the results of this work with our DAV MX circulation sub, which was recently deployed to support a campaign where it successfully cooled bottom hole temperature by almost 200^o in a geothermal well.

What are the biggest challenges the oil and gas industry is facing today, in the Middle East and globally?

Oil and gas will remain a much-needed player in the energy mix even as the use of renewables continues to rise. Mature fields present significant opportunities for the oil and gas industry to support global energy demands with a reduced carbon footprint but it comes with a number of challenges. Many of these aging wells have become highly complex and require innovative technology to reinvigorate them and enhance production.

Expandable tubulars have been revolutionary in supporting this objective, but further investment and government support is required to accelerate activity in this sector. As Coretrax continues to engage with industry partners and customers, I am pleased to be actively supporting the path towards a more sustainable future.