qWave has developed a prototype tool and methods to perform a stress test of rock formations in wellbores. It is based on qWave patented shockwave technology that could enable CCS operators to store CO2 safely and to optimise economics in carbon storage development projects. It will also enable operators to better understand the stress in rock formations related to other well operations, such as oil & gas wells, with potential to reduce costs of drilling and increase efficiency of well operations. Industrial partners in the project are Equinor, OMV and Neptune Energy and we are very pleased to announce that all our partners have decided to continue their support also after pilot testing of the prototype and into the next phase to start commercialising the technology.
“Equinor is excited to support qWave in the development of a novel stress-testing solution that has the potential to provide critical information for safe storage of CO2 in the subsurface, in addition to increasing the efficiency and reducing cost of drilling oil and gas wells” says Jeroen van der Hoek, Senior Investment Manager at Equinor Ventures
“We support the development of new qWave technology as it could become an enabler for our strategic ambitions to become a net-zero company, such as reducing costs and improving safety and efficiency of our future projects in geothermal energy and carbon capture and storage (CCS), and at the same time provide important data to our Exploration and Production projects“ says Helene Daae, Senior Expert Reservoir Engineer at OMV
“We are excited to work with qWave in developing new technologies that could enable Neptune’s strategy to store more carbon than is emitted from our operations and from the use of our sold products by 2030.” says Mohammad Jahangir, Head of Well Engineering at Neptune Energy
“Our innovation and technology development is made possible because we have strong industrial partners that not only fund our research and development but also contribute into the project with core competence that strengthens the quality of the project deliverables. Equinor, OMV, and Neptune Energy have worked with us for many years, and we are excited that they will continue to support us into the next phase. We will work together to develop solutions that will enable our partners to ensure safe and economic carbon storage in the future.” says Jan Ove Nesvik, CEO at qWave