Liberty Oilfield Services Inc. (LBRT) - Get Liberty Oilfield Services Inc. Class A Report announced today the introduction of FracSense™, a diagnostic service to help E&P customers acquire more accurate diagnostic well data to optimize hydraulic fracture completions and well spacing. Launched in partnership with OptaSense, a Luna Innovations company, the diagnostics service utilizes real time fiber optic measurements to monitor per stage fracture placement and frac hits in offset wells. Since the technology can be conveyed via wireline, it can also be used to profile production in producing wells.
Capturing high resolution data significantly shortens the learning curve for actionable change for operators. FracSense measurements provide per-stage information about fracture azimuth, stage spacing coverage and perforation cluster design and their impact on cluster efficiency. Fluid and proppant volume to first frac hit response improves fracture length and fracture height model calibration as well as evaluating effective well spacing. The data also allows Liberty to help operators determine diversion techniques or alternate stage spacing, as well as to fine-tune perforation designs for optimal cluster efficiency in real time.
"FracSense is our latest service offering strengthening our existing portfolio of fracture optimization technologies. This adds to our industry leading suite of fracture diagnostics and modeling tools that our renowned technical team utilize to help our customers with completion design optimization and extract maximum value from their resource," said Liberty CEO, Chris Wright.
James Pollard, Managing Director of OptaSense, stated, "The ability to optimize frac design based on reservoir and production response delivers considerable value. OptaSense's fiber-optic measurements, delivering real-time data and visualization, along with Liberty's hydraulic fracturing stimulation and completion design expertise, will help operators maximize resource recovery in their reservoirs."
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyfrac.com
OptaSense, a Luna company, is the world leader in Distributed Acoustic Sensing and operates in 40 countries globally across multiple industries including Oil & Gas, Defense & Security, Transport and Utilities. OptaSense (optasense.com) technology is currently being used to monitor more than 25,000 km of assets around the globe, including oil and gas pipelines, security perimeters and international borders.
Luna Innovations Incorporated (LUNA) - Get Luna Innovations Incorporated Report is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna's business model is designed to accelerate the process of bringing new and innovative technologies to market.
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