Over the last few months, the Ace Oil Tools’ team have been working hard on the development of an innovative new product. At the moment we are keeping that card close to our chest, but we are looking forward to letting you know more when we introduce it to the market in the coming months. In the meantime, we’ve also posted a teaser on LinkedIn to give a taste of what’s to come.
While we continue to focus our efforts on driving forward our new, innovative downhole solutions, we have taken some time this month to look at one of the key attributes of the success behind the strategy: working in partnership.
At Ace we are committed to raising the stakes, and our skilled teams’ focus on innovation and technology goes a long way to achieve this. However, the development of our products also requires close working relationships with our clients, both existing and potential. To meet the needs of the market, it’s of real importance that we work closely with those in the sector, understanding current requirements and working to deliver products in partnership.
Rystad Energy’s latest ‘Offshore Cost Benchmarking’ report issued this month illustrated that offshore project commitments are expected to not only recover going forward, but also reach a new record in the five-year period towards 2025. The report illustrated that deepwater commitments will enjoy the largest growth as their cost has now become much more competitive against greenfield continental shelf reserves.
From the beginning of 2021 and up until the end of 2025, Rystad Energy’s exact forecast is for 592 project commitments, with growth across all water depth levels: shallow water (0-125 meters), deepwater (125-1500 meters) and ultra-deepwater (beyond 1500 meters).
With confidence resurging in the market, working in partnership will be more important than ever.
Our joined-up way of working means that we can work proactively to identify solutions to current well challenges, using and maintaining our strong customer relationships to deliver success. By sharing ideas, knowledge and expertise, we can continue to foster our own culture of innovation, developing extraordinary products to support the sector in the process.
We will always be game for the challenge of your next well campaign.
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