HOUSTON--(EON: Enhanced Online News)--In response to the need for new technologies that reduce operational costs and risks in the booming Gulf of Mexico deepwater drilling environment, BlueFire Equipment Corporation (OTCQB:BLFR) announces it is in the process of developing leading edge equipment for use with deepwater offshore wells.
“The deep-water Gulf of Mexico has become the world’s fastest growing offshore market. Drilling activity in this area is growing to turn major discoveries into producing fields.”
The U.S. will be the world’s largest consumer of crude oil for years to come and offshore oil is primed to satisfy this colossal energy appetite. Oil and gas expert Dr. Tyler Priest discussed the benefits of offshore production in a Wall Street Journal article. He reported that the raw energy produced by a single offshore oil platform in 2010 – BP PLC’s Thunder Horse facility in the Gulf of Mexico – was equivalent to the electricity generated in 2012 by all the wind and solar installations in the U.S. combined.
According to Dr. Priest, annual federal proceeds from offshore leases have ranged as high as $18 billion in recent years, second only to income taxes as a revenue source.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, “The deep-water Gulf of Mexico has become the world’s fastest growing offshore market. Drilling activity in this area is growing to turn major discoveries into producing fields.” He added, “BlueFire’s highly qualified research and development division is poised to deliver solutions for challenges associated with these high temperature, high pressure wells.”
As previously announced, BlueFire recently filed a provisional application with the United States Patent and Trademark Office (USPTO) for its proprietary offshore production equipment. The new equipment design is yet another platform in BlueFire’s growing portfolio of intellectual property, and was filed as a direct result of recent meetings with an oil major regarding technology development.
BlueFire’s first patent filing related to its polycrystalline diamond cutter (PDC) drill bit technology was issued on January 24, 2012 as U.S. Patent 8,100,201. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the USPTO, file number 12/833,413.
Details about BlueFire Equipment Corporation (OTCQB:BLFR) and information about obtaining a quote are available at www.bluefireequipment.com.
About BlueFire Equipment Corporation (OTCQB: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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