Hibernia Resources III & Cold Bore Technology Announce Results from 2020 Drive to Digitize Completion Operations

  • Cold Bore Technology’s SmartPAD completions optimization platform deployed across all 2020 pads
  • Hibernia cuts non pumping time by over 50% on pads during 2020
  • Replicates double digit increases in efficiency across multiple sequential pads
  • Estimated cost saving directly attributed to digitization in 2020 - $300,000

Hibernia cuts non pumping time by over 50% on pads during 2020 (Graphic: Business Wire)

HOUSTON--()--Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology and Houston-based Permian Basin oil and natural gas producer, Hibernia Resources III (Hibernia), announced today results from digitized completion operations during 2020.

Hibernia deployed Cold Bore Technology’s SmartPAD across 100% of its 2020 operations. Using a combination of sensors and proprietary state detection algorithms, the SmartPAD tracks operations directly at the wellhead and connects all onsite service companies to a trusted source of formatted and timestamped operational data.

With high resolution digital data coming from wellhead sensors, onsite teams are able to move away from traditional verbal communications and manual data recording and track and refine operations in real time.

During the 2020 campaign, due to a gap in operations, Hibernia was forced to swap several crews out. While this type of disruption would typically result in some short-term efficiency losses, through the gathering of high-resolution operational data, Hibernia was able to refine, enhance and repeat effective processes. These processes were able to be replicated and exceed efficiencies even when swapping crews became a necessity.

For operations relying on manual data gathering processes, swapping crews during an operational gap will commonly result in lagging trends that make recovering efficiencies far more challenging and time consuming.

“Throughout the year, our goal has been to consistently drive our internal teams and the trusted group of service companies we work with to refine our processes and advance how we operate as a unit,” said John Blevins, COO Hibernia. “We have dedicated ourselves to tracking and capturing previously invisible lost time. The improvements in efficiency and resulting cost savings we, together with our service company partners, have been able to drive through having access to real time digital data have been notable.”

Across Hibernia’s six pads in 2020, the company:

  • Replicated double digit percentage reductions in non-pumping time across multiple sequential pads
  • Reduced non-pumping time from an average of 8.91 hours per day to 4.19 hours per day
  • Reduced its 2020 campaign by 15 days saving over $300,000 in fixed costs
  • Maintained 100% onsite safety

Brett Chell, President at Cold Bore Technology said, “In the past, we’ve seen high commodity prices disincentivize innovation. In today’s tight market innovative operators like Hibernia are finding ways to reduce costs and augment the performance of their operations. Digitization is the foundation on which numerous improvements and efficiencies can be built. Companies achieving quantifiable results today will be the winners of tomorrow.”

Hibernia was able to effectively work with its service partners to better understand their operations to ensure that all services on location exceeded project goals. Services engaged with Hibernia during this successful 2020 campaign include: FTS International, PerfX Wireline and Total Sand Solution (TSS).

About Cold Bore

Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.

For more information, please visit - https://www.coldboretechnology.com/

About Hibernia Resources

Hibernia Resources III, LLC is an acquisition and development company focused on the exploration, growth and production of oil and natural gas assets.

For more information, please visit - http://www.hiberniaresources.com/


Josh Stanbury

Release Summary

Hibernia Resources III & Cold Bore Technology Announce Results from 2020 Drive to Digitize Completion Operations


Josh Stanbury