HOUSTON--(BUSINESS WIRE)--BlueFire Equipment Corporation (OTCQB: BLFR) announced today that it has been in discussions with an oil major to develop technology that may prove essential for producing oil from offshore wells under extremely high heat and pressure.
“Just as our proprietary polycrystalline diamond cutter (PDC) drill bit has shown the potential to save drillers and operators substantial time and money, we are expecting another successful technology to emerge through this project.”
According to energy consulting company Wood Mackenzie, deepwater drilling returned to its pre-spill level last year and should experience “bullish growth” in the coming year. The Future of Global Deepwater Markets study indicates capital investment is expected to grow from US$43 billion in 2012 to US$114 billion in 2022 challenging the industry to keep up with this unprecedented growth.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, “BlueFire’s research and development team is thrilled to have an opportunity to propose solutions to challenges in the multi-billion dollar deepwater oil and gas industry.” He added, “Just as our proprietary polycrystalline diamond cutter (PDC) drill bit has shown the potential to save drillers and operators substantial time and money, we are expecting another successful technology to emerge through this project.”
As previously announced, BlueFire’s proprietary PDC drill bit may provide much faster and longer drilling, without the need to stop and pull the entire drill pipe out of the well to replace a spent bit. According to company findings, some wells can be drilled using a BlueFire bit without a single bit change.
Details about BlueFire Equipment Corporation and information about obtaining a quote are available at www.BlueFireEquipment.com.
About BlueFire Equipment Corporation (BLFR)
BlueFire Equipment Corporation designs and manufactures proprietary drilling technologies for use in the exploration and production of oil and gas in the United States. It sells and leases various sizes of polycrystalline diamond cutter (PDC) drill bits to drilling contractors and oil and gas companies. BlueFire Equipment Corporation was founded in 2008 and is headquartered in Houston, Texas, where other major exploration and production companies have a presence.
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