CORE LABORATORIES AND HALLIBURTON ANNOUNCE COLLABORATION TO INTEGRATE DIGITAL ROCK CAPABILITIES WITH LABORATORY MEASURED DATA

Rhea-AI Summary

Halliburton and Core Laboratories collaborate to accelerate delivery of digital rock data solutions, reducing time from months to weeks.

Positive

• The collaboration will compress the delivery time of comprehensive digital rock data solutions from months to weeks.
• Clients will be able to run pore-scale simulations in parallel with physical laboratory experiments, driving accuracy and innovation in digital rock characterization workflows.
• The collaboration empowers reservoir characterization experts to gain critical insights into their assets much earlier in the assessment process, reducing risks and uncertainties.

Negative

• None.

HOUSTON, Oct. 9, 2023 /PRNewswire/ -- Halliburton Company (NYSE: HAL) and Core Laboratories Inc. (NYSE: CLB) today announced a strategic collaboration in the U.S. to compress the delivery time of cutting-edge comprehensive digital rock data solutions from months to weeks, even while full petrophysical laboratory measurements are in progress. This collaboration combines Core Lab's industry-leading expertise in reservoir description and optimization technologies with Halliburton's specialization in pore-scale digital rock analysis.  

The collaboration facilitates the seamless integration of best-in-class digital rock characterization at a nano, micro and macro level, which will enable U.S. clients to run pore-scale simulations in parallel with physical laboratory experiments. These enhancements will drive the accuracy and innovation of new and existing digital rock characterization workflows.  

"Core Lab is excited about this collaboration with Halliburton's digital rock services", said Alastair Crombie, Vice President, Reservoir Description, Core Laboratories. "Leveraging both Halliburton's and Core Lab's advanced techniques, we can deliver innovative and comprehensive digital rock characterization solutions that set us apart in the industry."

"Digital rock simulations empower petrophysicists, engineers, and geologists to dynamically evaluate reservoir characterization models while they await the completion of traditional lab measurements, which often takes months," said Chris Tevis, Vice President, Wireline and Perforating, Halliburton. "Our collaboration with Core Laboratories will empower reservoir characterization experts to gain critical insights into their assets much earlier in the assessment process, significantly reducing inherent risks and uncertainties." 

In 2023, Halliburton joined Core's Carbon Capture and Sequestration Consortium. This consortium allows technical teams from member companies to share expertise and datasets related to digital rock analysis and petrophysical measurements. This allows the companies to develop innovative workflows that expedite the analysis timeline for quantifying the potential for CO₂ trapping, a critical need considering the short permit deadlines set by the Environmental Protection Agency for domestic carbon storage projects. 

 ABOUT HALLIBURTON 

Halliburton is one of the world's leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube. 

ABOUT CORE LABORATORIES 

Core Laboratories Inc. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize reservoir performance.  The Company, founded in 1936, has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world.

Visit the Company's website at www.corelab.com or connect with Core Lab on LinkedIn and YouTube.   

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SOURCE Core Laboratories Inc

What is the purpose of the collaboration between Halliburton and Core Laboratories?

The collaboration aims to compress the delivery time of digital rock data solutions from months to weeks.

What benefits will clients get from this collaboration?

Clients will be able to run pore-scale simulations alongside physical laboratory experiments, enhancing accuracy and innovation in digital rock characterization workflows.

How will the collaboration reduce risks and uncertainties?

The collaboration will empower reservoir characterization experts to gain critical insights into their assets earlier in the assessment process, reducing inherent risks and uncertainties.