ExxonMobil signs agreement with MagnaBond to enhance cost-effective technologies
ExonnMobil ventures into a three-year joint development agreement with MagnaBond in order to develop advanced technologies ensuring enhanced economically-viable evaluation of well cementing, casing and tubing. The new collaboration brings on board ExxonMobil’s finesse in developing a wide range of inspection technologies along with MagnaBond’s expertise in technology transfer from other industries. ExxonMobil collaborated with nine other oil and gas companies in 2017 to form the Plugging and Abandonment Collaborative Environment, an industry network to ratify investment in and early adoption of innovative plugging and abandonment technology within the oil and gas industry. ExxonMobil and MagnaBond will work toward developing technology that allows for through-tubing cement evaluation prior to the arrival of a costly rig or work-over unit.
Jayme Meier, vice president of engineering for ExxonMobil Upstream Research Company claimed “Developing a technology that enables us to see the quality of well casing and cement with a single tool is a major step in determining overall well integrity and could result in significant cost savings.”