Hemp, Inc. (OTC:HEMP) recently announced that its wholly owned subsidiary, Industrial Hemp Manufacturing, has entered into an agreement with Quadco, LLC for the distribution of its oil and gas well drilling product called DrillWall.
A deeper dive into the DrillWall technology shows that some of the largest oil and gas drilling companies in the world have used it.
What is DrillWall?
DrillWall™ is insoluble in water, non-toxic, biodegradable drilling fluid additive used in oilfield drilling applications. It acts as a borehole stabilizer, a lubricating agent, as well as preventing differential sticking.
Essentially, when drilling oil or gas wells, loss circulation occurs when drilling fluid leaks out into the ground rather than returning back up for re-circulation.
As loss circulation can be a big issue for drillers, many oil companies use some type of Loss Circulation Material, a.k.a. LCM, to prevent excess fluid loss. Some of the common LCM substances include everything from tree bark to plastic sheeting, with a wide range of costs and efficacy.
Hemp, Inc.’s DrillWall technology is a mixture of micronized organic cellulose fibers and provides excellent seepage and loss circulation control.
Given its high performance, competitive cost, and non-toxic biodegradable nature, some of the biggest oil and gas exploration companies in the world have tried and tested DrillWall technology.
4 Major Oil Companies that Have Used DrillWall
Chevron Corp. is the second largest oil and gas company in the United States behind Exxon Mobil Corp. (NYSE:XOM). Given the long list of environmentally conscious initiatives that Chevron takes on, it comes as no surprise that they would use DrillWall technology.
Petróleo Brasileiro S.A. (NYSE:PBR)
Also referred to as Petrobras, Petróleo Brasileiro is majority owned by the Brazilian Government. As #73 on the most recent Fortune 500 list, no one can scoff at the vertically integrated company’s $88 billion in annual revenues.
Saudi Aramco (PRIVATE)
Also known as the Saudi Arabian Oil Company, Saudi Aramco is the largest oil and gas company in the world by revenues. While the company was expected to be going public in the largest IPO in history, recent reports show that the company may take on debt instead.
Ultra Petroleum (NASDAQ:UPL)
While Houston, Texas-based Ultra Petroleum Corp. may be the smallest oil company on this list in many regards, the company makes up for it with industry-leading environmental stewardship practices. Given the company’s prioritization of protecting and conserving groundwater, it comes as no shock that the company took a liking to DrillWall’s environmentally-safe technology.
While the use of DrillWall technology is not a catalyst for investment into the oil companies listed above, this list serves as proof of how the oil and gas industry has adopted Hemp, Inc. technology to increase drilling efficiency and decrease fluid loss.
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