FrontRow Energy Technology Group Limited has announced the acquisition of ClearWELL Oilfield Solutions, an oil and gas technology company focused on flow assurance and production optimisation.
FrontRow has acquired 50% of ClearWELL from the previous owner, MSL Oilfield Services, which retains the remaining 50%.
ClearWELL provides a non-intrusive, chemical-free, scale control system, using a surface-mounted device to induce pulsed, high-frequency signals into the piping system. These signals cause micro-crystals of scale to form and remain suspended in the produced fluid flowing through the pipework, rather than adhering to the internal pipe wall and restricting the flow of oil and gas.
FrontRow chief executive, Stuart Ferguson, said: “Increasing water production from maturing oilfield basins tends to bring with it many problems, including corrosion damage and scale buildup, which can substantially reduce the economic life of fields. The oilfield scale challenge alone currently costs the industry billions of dollars each year, because of scale prevention, scale remediation and deferred production.
“The installation of ClearWELL’s units can reduce or, in many cases, remove the need for alternative treatment methods, which results in major cost and time savings for operators. With the global market for oilfield scale inhibitor set to reach US$700 million by 2020, we see tremendous potential for ClearWELL and are excited to support its ambitious growth plans.
“FrontRow is focused on dramatically reducing costs in the oil and gas industry. ClearWELL is very much aligned with this ethos and will significantly add to our existing group of companies, which have technology and innovation at the heart of all they do.”
ClearWELL, which will relocate its head office in Southampton to FrontRow’s technology centre in Aberdeen, plans to grow its existing number of units in the field by around 400% over the next five years.
Martin Clark, CEO at MSL Oilfield Services, said: “This acquisition marks a very positive step forward for ClearWELL, and we are excited to embark upon this relationship with FrontRow.
“We currently have units in operation across the world, many in the USA and Canada, and have been delivering solutions to a string of major oil and gas players for some time. With the support of FrontRow, we plan to maximise ClearWELL’s full international potential.”
The acquisition comes after FrontRow secured a £10 million investment from BGF in January 2017. ClearWELL adds to the firm’s existing group companies which include Well-Centric and Well-SENSE.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/24052017/frontrow-acquires-clearwell-oilfield-solutions/