HOUSTON--(BUSINESS WIRE)--Well completion equipment and service provider Magnum Oil Tools International has deployed its 5,000th Magnum Vanishing Plug™ (MVP™) since the product’s launch in late 2014. As the world’s first dissolvable frac plug, the MVP™ reduces risk, time and cost associated with well intervention, improving safety at the wellsite by dissolving on its own at a predictable rate when introduced to common downhole operating temperatures.
Nearly nine months after its introduction, the MVP™ has now been proven and implemented in the field by some of the world’s leading operators and deployed on approximately 381 wells. The product has been successfully deployed by 31 different operators in the 18 shale plays in North America including but not limited to:
|-- Eagle Ford||-- Niobrara|
|-- Woodford||-- Cotton Valley|
|-- Bakken||-- Tuscaloosa Marine|
|-- Green River Basin||-- Utica|
|-- Haynesville/Bossier||-- Permian Basin|
Because the tool’s proprietary material dissolves quickly and predictably, avoiding the frac plug drillout operation, it is estimated to save operators approximately $300,000 per well completion. With over 5,600+ tools run in the field since its development late last year, this means that the Magnum Vanishing Plug™ has delivered an overall industry-wide savings of $114 million in just 9 months. That’s in addition to the incalculable safety and well completion efficiency benefits of avoiding hundreds of potentially risky well interventions.
“First and foremost, this product is about well completion efficiency and economics,” said Garrett Frazier, Magnum’s Director of Marketing and Sales. “Anytime operators can avoid an unnecessary well intervention, they can avoid risk to their personnel, save money and get hydrocarbons to the sales lines more quickly. But along the way, cutting out the need for the frac plug drillout operation can save an operator hundreds of thousands of dollars on a single plug-and-perf completion—reducing well completion costs significantly. It’s just another example of what can happen when you put in the extra effort to work closely with operators on innovating around specific completion challenges.”
Magnum Oil Tools developed the MVP™ using a proprietary material made available through a strategic partnership with Kureha, a leading global manufacturing company whose patented, innovative manufacturing processes are helping Magnum redefine what’s possible downhole. The MVP™ dissolves predictably at 180 to 350 degrees F and is rated for pressures up to 10,000psi. For more on the Magnum Vanishing Plug™ and how it works, visit magnumoiltools.com/mvp.
About Magnum Oil Tools International
Founded in 1985, Magnum is one of the world’s leading independent providers of downhole completion products engineered to meet specific well completion needs. Magnum takes pride in working closely with customers to design products that help deliver superior results in the field worldwide. The company's popular products include composite frac plugs, (such as the Magnum Snub Nose™ and Long Range™ plugs), the MagnumDisk™, the Magnum Fastball™ (a dissolvable frac ball), Composite Cement Retainers, TCP Products and the A-1 Hydraulic Setting Tool. Visit the company’s website at www.magnumoiltools.com for more information.