Risk investment for quicker, cheaper drilling
06/04/2006
"By supporting Meciria's product at this early stage in its development, NESTA are ensuring that innovations in this industry have every chance of being fully commercialised in the UK."
Bristol-based Meciria have received a £300,000 investment from NESTA and Oxford Technology VCT.
Directional drilling, or targeting a particular area to avoid difficult drilling conditions, can be undertaken by one of two
methods, positive displacement motor (PDM) and rotary steerable tool (RST).
Although PDM is the cheaper and more reliable of the two options, RST is twice as fast. Meciria has worked on developing
the design of the RST for increased reliability and decreased operating costs.
Richard Hutton, Chief Executive of Meciria, explains more:
"The investment from NESTA and Oxford Technology will enable Meciria to further develop its innovative rotary steerable drilling
tool. This technology will enable oil companies to drill quicker and further to reach the hydrocarbon reserves while reducing
rig operating and redeployment costs and risks. Meciria is delighted to have the investment and active support from both
Oxford Technology and NESTA."
Mark White, Director of Invention and Innovation at NESTA said:
"Meciria's design of the rotary steerable tool drill bit is a welcome burst of engineering innovation in this burgeoning market. By supporting Meciria's product at this early stage in its development, NESTA are ensuring that innovations in this industry have every chance of being fully commercialised in the UK."