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New Drill Bit Innovation Cuts Costs and Time in Oil Exploration
The development of a new innovative drill bit could change the way in which oil and gas exploration and production takes place, thanks to support from NESTA (the National Endowment for Science, Technology and the Arts).
Bristol-based Meciria have received a £300,000 investment from NESTA and Oxford Technology VCT.
Directional drilling, or targeting a particular area to avoid difficult drilling conditions, can be undertaken by one of two methods, positive displacement motor (PDM) and rotary steerable tool (RST).
Although PDM is the cheaper and more reliable of the two options, RST is twice as fast. Meciria has worked on developing the design of the RST for increased reliability and decreased operating costs.
Richard Hutton, Chief Executive of Meciria, explains more:
“The investment from NESTA and Oxford Technology will enable Meciria to further develop its innovative rotary steerable drilling tool. This technology will enable oil companies to drill quicker and further to reach the hydrocarbon reserves while reducing rig operating and redeployment costs and risks. Meciria is delighted to have the investment and active support from both Oxford Technology and NESTA.”
Mark White, Director of Invention and Innovation at NESTA said:
“Meciria’s design of the rotary steerable tool drill bit is a welcome burst of engineering innovation in this burgeoning market. By supporting Meciria’s product at this early stage in its development, NESTA are ensuring that innovations in this industry have every chance of being fully commercialised in the UK.”
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