Periodic Reporting for period 1 - WELLGENETICS (Disruptive tracer technology based on synthetic DNA to map subterranean resources)
Periodo di rendicontazione: 2018-05-01 al 2018-08-31
Underground oil/gas reservoirs are connected in extensive and branched networks. To maximize fuel extraction and minimize drilling costs, oil and gas operators need to understand underground reservoirs connectivity and fluid dynamics. Tracers, either chemical or radioactive, are valuable and widely used tools to map these reservoirs. However, the amount of tracking that can be performed is limited by the number of unique tracers available: We have ~100 unique signatures, clearly insufficient number for complex reservoirs with >200 stages. Besides, these tracers are usually hazardous, need to be carefully manipulated by training operators, and are only detected at high amounts.
To answer this need we, at Well Genetics, have developed TRACEDNA, a synthetic tracer composed of short strands of DNA, the storing molecule of living organisms, which allows for billions of unique combinations. Besides supporting unlimited underground mapping, TraceDNA is innocuous and non-toxic neither for the environment nor for the operator, easy to manipulate, detected at very low levels and the most cost-effective tracer in the market.
To answer this need we, at Well Genetics, have developed TRACEDNA, a synthetic tracer composed of short strands of DNA, the storing molecule of living organisms, which allows for billions of unique combinations. Besides supporting unlimited underground mapping, TraceDNA is innocuous and non-toxic neither for the environment nor for the operator, easy to manipulate, detected at very low levels and the most cost-effective tracer in the market.
We have performed a study to confirm viability of TraceDNA i) technically, we designed the validation field trials with top oil companies and detailed the work plan for Phase 2 project, ii) commercially, we carried out a detailed analysis of oil/gas markets and updated our business plan, and iii) financially, we confirmed project’s profitability and prepared a Phase 2 budget.
TraceDNA is a versatile and cost-effective tool aiming to revolutionize underground mapping, with multiple benefits at every level. Oil companies will optimize oil recovery and decrease overall costs for oil extraction. Society will benefit from a more stable and affordable oil price and a decrease in environmental pollution due to excessive drilling. Our company will grow in terms of personnel (53 new positions in 5 years at the market) and revenues (€125 million on those 5 years).