Attendance at OTC 2011 was reported to be 10% higher on Monday and Tuesday over last year’s number, which was 73,000. While much of the big news is focused on regions like offshore Brazil, West Africa, and the resurgence in the US Gulf of Mexico, there’s still big news to be heard about not so familiar regions.
Aberdeenshire, Scotland-based Paradigm Oilfield Services today announced it has secured a $400,000 contract to supply equipment for a drilling operation in Greenland. Beginning this week, the company will deliver its custom-designed dual stage hole opener known as ‘The Beast.’ In all, the company has been called on by a leading independent operator for 18 tools including its high quality stabilizers and hole openers.
Greenland exists as a new frontier region with significant untapped reserves and drilling activity interest has dramatically increased within the last few years. Last November, Greenland’s government distributed seven prospecting blocks in the Baffin Bay, west of Greenland. The blocks are shared among eight operating companies. According to the US geological survey (USGS), more than a fifth of the world’s undiscovered oil and gas resources lie north of the Polar Circle with around 84% being offshore. Altogether, Arctic reserves contain around 13% of the world’s oil reserves and 30% of the Earth’s natural gas.
Paradigm Oilfield Services, a subsidiary of Netherlands’ Paradigm Group has introduced a range of new drilling technology at OTC including a drilling reamer with a unique pressure-controlled on/off mechanism. The company has previously developed and introduced a range of dual stage and single stage hole openers including ‘The Beast’, which is suitable for hole sizes up to 42 inches.
Launched in 2009, the company offers a multi-million pound inventory of equipment for sale and rent on short and long term contracts and services clients in the USA, Middle East, Africa and Europe with ambitions for further international growth.
The company has invested more than $2 million to develop and bring the new drilling technology to market and recently opened up a new base in Aberdeenshire with offices, research and test facilities and a large warehouse.
Of the latest Greenland contract, chairman Fraser Innes said, “This is our first large contract for this new frontier region where we believe there are many opportunities for the robust tools that we have developed. Greenland has significant untapped oil and gas reserves and there is a growing interest in drilling activity. I would like to thank everyone at Paradigm for their efforts in securing an important geographic first for our products.”
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