HOUSTON--(BUSINESS WIRE)--As news broke that a suspected chemical weapons attack in Syria triggered a possible U.S. military strike, oil prices jumped $7 a barrel to $110.10. Last week, benchmark West Texas Intermediate crude hit a two-year high on the New York Mercantile Exchange.
“Mideast turmoil could result in supply disruptions and impact oil exports from that region. As oil prices climb in response to this possibility, the need for advanced oil production equipment becomes even more critical.”
Meanwhile, violent unrest has seized Egypt, which controls the Suez Canal and the Suez-Mediterranean Pipeline. The Energy Information Administration reports the canal and the Suez-Mediterranean Pipeline shipped a combined 4.51 million barrels per day of crude and refined products between the Red Sea and the Mediterranean during 2012.
COO of BlueFire Equipment Corporation Anatoli Borissov said, “Mideast turmoil could result in supply disruptions and impact oil exports from that region. As oil prices climb in response to this possibility, the need for advanced oil production equipment becomes even more critical.”
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, potentially saving drillers considerable time and money.
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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