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News

Statoil to use Cabot Cesium formate fluids on two major high pressure gas fields

Cabot Corporation : 13 June, 2003  (Company News)
Cabot Corporation announced today that its Cabot Specialty Fluids business has signed a letter of intent with a major energy service company to provide a supply of cesium formate fluids for both reservoir drilling and completion activities on two large gas and condensate field projects in the Norwegian Continental Shelf. The fields, Kristin and Kvitebjorn, are being developed and will be operated by Statoil. If the cesium formate fluids perform as anticipated, they could be used in more than 20 drilling and completion projects in these fields over the next several years
Cabot Corporation announced today that its Cabot Specialty Fluids business has signed a letter of intent with a major energy service company to provide a supply of cesium formate fluids for both reservoir drilling and completion activities on two large gas and condensate field projects in the Norwegian Continental Shelf. The fields, Kristin and Kvitebjorn, are being developed and will be operated by Statoil. If the cesium formate fluids perform as anticipated, they could be used in more than 20 drilling and completion projects in these fields over the next several years.

Concerning the letter of intent, Ken Burnes, Cabot's Chairman and CEO, stated We are very excited about the opportunity to establish a significant relationship with a major company such as Statoil on these projects. Successful performance of cesium formate drilling fluids on the projects would demonstrate to a broader customer base that these fluids provide the most effective drill-in and completion solution in high-temperature, high-pressure wells. We are also optimistic that this indicates an increase in HTHP drilling activity.
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