As reported by the Bureau of Safety and Environmental Enforcement (BSEE), offshore drilling is booming in the Gulf of Mexico. In part this is due to the development of new technologies that reduce operational costs and risks, and new reservoir discoveries with high production wells.
According to BSEE, total oil production in the Gulf of Mexico for 2012 was nearly 416 million barrels of oil. Based on average U.S. energy prices in 2012, that represents more than $35 billion in revenue.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, “The stakes are high in this area of the industry as are the prospective rewards. BlueFire is confident our production technology could facilitate deepwater production and encourage new discoveries.”
As previously announced, BlueFire’s patent attorney is reviewing and finalizing 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 is being 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.
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.
Press Release, September 17, 2013