Over the last decade, Nabors Industries has literally broken ground with many of its new technological developments. Some of these, including its directional drilling technology and software-based drilling management systems, have utterly transformed the ways in which the oil industry operates in the United States today.
Through many of these innovations, oil plays, especially of the unconventional variety, that were once considered economically unviable have become rich sources of the nation’s energy reserves. Today, the United States produces the majority of its own oil resources, a dramatic change from where it stood even 20 years ago. This oil independence for the U.S.A. has largely been a product of the innovations taking place at companies such as Nabors Industries.
One of the areas in which Nabors Industries has been a global force in driving efficiency and productivity at the drilling site is through its development of drilling management software and it’s Canrig AC top drives line of directional drilling equipment, including steerable drill heads that create wells with precision and accuracy that have never before been possible.
The Canrig AC top drives system uses exclusive, patented software technology developed by Nabors Industries. This outperforms all others in the field by such an extent that it provides a significant competitive edge for Nabors Industries. Tony Petrello, the company’s CEO, does not believe that other drilling providers will catch up with Canrig AC top drives in the foreseeable future, leaving a significant, rich source of revenue for Nabors Industries, so long as unconventional oil plays persist throughout North America.
Another area in which Petrello has long been focused on creating new technologies is in the realm of automation. Given the tight economics of many unconventional oil plays in North America, anything that even slightly increases costs can be a deal-breaker. While anything that can potentially lower-cost can make an unviable play suddenly economically attractive.
Petrello believes that Nabors’ drilling products will be capable of nearly 100 percent automated drilling within the next 10 years.