Wavefront Technology Solutions Inc., that has an office in Lloydminster, is making waves in the oil and gas industry in Kuwait with its Powerwave fluid injection technology.
The Edmonton-based company has entered into an exclusive, three-year distribution agreement with Kuwait’s national Gulf Drilling and Maintenance Company for Powerwave oil and gas stimulations and enhanced oil recovery technology.
The agreement will provide GDMC with exclusive rights to all Powerwave related technologies in Kuwait, with GDMC to pay Wavefront a minimum yearly aggregate amount of US$1-million for the exclusive technology rights in Kuwait.
Payments will be made to Wavefront to coincide with the company’s fiscal quarters.
“We are very pleased to be working with Gulf Drilling and Maintenance Co., which is locally recognized for its industry-leading capabilities and ability to deliver both quality and innovation to its customers,” said Wavefront president and CEO Brett Davidson in a release on Dec. 6.
“This agreement represents a culmination of a lengthy process of developing personal relationships and gaining the confidence of all stakeholders in Kuwait for Wavefront’s capabilities and for Powerwave, which is steadily receiving greater recognition in the oil and gas industry.”
The agreement with GDMC fits Wavefront’s new strategy in a volatile industry with a concentrated emphasis on Powerwave single well stimulations focused on Middle East national oil companies.
Wavefront and GDMC continue to deliver excellent operating results in both near wellbore stimulations of less than six inches as well as deeper formation stimulations greater than 24 inches through Wavefront’s Powerwave Odyssey Custom Stimulation (POCS) methodology.
The success of Wavefront’s POCS has allowed GDMC to increase its market share of well stimulation activities over other local and international coil tubing service companies.
Wavefront will continue to provide marketing and technical support, and will dedicate one engineer for POCS modelling and programming activities in the Middle East.
“The exclusive distribution rights to Powerwave fits with our corporate mission of delivering ground-breaking technologies and outstanding service that benefits our customers,” said GDMC operations manager Mohammad Ali Al-Shatti.
“We strongly believe in Wavefront’s leadership and technology, and, coupled with our expertise and market presence, we will be able to accelerate growth of the Powerwave product line in Kuwait.”