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SLB Develops New Solution to Advance Carbon Storage Projects
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SLB (SLB - Free Report) , a leading global oilfield service provider, has introduced a well integrity assessment solution. The new solution is aimed at advancing carbon capture technology to support the creation of a low-carbon energy ecosystem. SLB’s new solution will enable carbon storage developers to assess the risks associated with wells at sites where drilling activity was conducted previously.
Many prospective sites for carbon storage are located in oil and gas fields where drilling activities were undertaken previously, like mature or retired fields. Sites with a large number of wells pose risks for carbon capture projects as they can create pathways for the stored carbon to leak or escape.
SLB’s New Methodology
SLB’s well integrity assessment solution uses a new methodology to quantify the probability and effects of a potential carbon leakage. This enables its customers to evaluate the risks associated with each well and also keeps them informed of strategies to mitigate the same.
The methodology can help its customers assess the long-term viability of such projects. SLB’s new solution also makes use of an advanced failure mode effect and criticality analysis (FMECA), which can help identify potential leakage pathways, well barrier issues and failure mechanisms. The methodology can also assess the consequences of such failures.
Furthermore, SLB can create detailed models to assess the flow rates and quantity of brine and carbon leakage using its advanced multi-physics 3D modeling. The detailed simulation can help project developers evaluate such leakages over a period of time to understand the risk better. It is imperative for such companies to develop secure carbon storage sites to facilitate the expansion of CCUS and contribute to a low-carbon energy economy.
Economic Implications of Well Integrity Risks
SLB stated that the risks associated with wells and the costs incurred to mitigate the same may render carbon storage projects economically unviable. As such, SLB’s well integrity assessment solution can help companies detect these risks and their potential impact on the early stages of development of these projects. This should help prospective developers avoid costly delays and disruptions, and reach their net-zero target.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
MPLX LP owns and operates a wide range of midstream assets. The partnership's midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI in the future.
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SLB Develops New Solution to Advance Carbon Storage Projects
SLB (SLB - Free Report) , a leading global oilfield service provider, has introduced a well integrity assessment solution. The new solution is aimed at advancing carbon capture technology to support the creation of a low-carbon energy ecosystem. SLB’s new solution will enable carbon storage developers to assess the risks associated with wells at sites where drilling activity was conducted previously.
Many prospective sites for carbon storage are located in oil and gas fields where drilling activities were undertaken previously, like mature or retired fields. Sites with a large number of wells pose risks for carbon capture projects as they can create pathways for the stored carbon to leak or escape.
SLB’s New Methodology
SLB’s well integrity assessment solution uses a new methodology to quantify the probability and effects of a potential carbon leakage. This enables its customers to evaluate the risks associated with each well and also keeps them informed of strategies to mitigate the same.
The methodology can help its customers assess the long-term viability of such projects. SLB’s new solution also makes use of an advanced failure mode effect and criticality analysis (FMECA), which can help identify potential leakage pathways, well barrier issues and failure mechanisms. The methodology can also assess the consequences of such failures.
Furthermore, SLB can create detailed models to assess the flow rates and quantity of brine and carbon leakage using its advanced multi-physics 3D modeling. The detailed simulation can help project developers evaluate such leakages over a period of time to understand the risk better. It is imperative for such companies to develop secure carbon storage sites to facilitate the expansion of CCUS and contribute to a low-carbon energy economy.
Economic Implications of Well Integrity Risks
SLB stated that the risks associated with wells and the costs incurred to mitigate the same may render carbon storage projects economically unviable. As such, SLB’s well integrity assessment solution can help companies detect these risks and their potential impact on the early stages of development of these projects. This should help prospective developers avoid costly delays and disruptions, and reach their net-zero target.
SLB’s Zacks Rank and Key Picks
Currently, SLB carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy (SM - Free Report) , MPLX LP (MPLX - Free Report) and TechnipFMC plc (FTI - Free Report) . SM Energy and MPLX presently sport a Zacks Rank #1 (Strong Buy), while TechnipFMC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
MPLX LP owns and operates a wide range of midstream assets. The partnership's midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI in the future.