Opsens Inc. (TSX VENTURE EXCHANGE: OPS) ("Opsens") is pleased to announce it has received a significant order to supply its OPP-W fiber optic sensors for 26 wells in a SAGD oil sands project.
The buyer, a major oil and gas producer recognized for its leadership in Alberta, ordered the sensors after evaluating Opsens' proprietary technology for 18 months on a smaller scale. The customer first assessed two OPP-W systems in SAGD production wells, and then expanded the trial to a complete pad of wells. The continued strong, reliable performance of the sensor systems over the 18 months led to the current order.
"This order from a leader in the oil and gas industry is a milestone for Opsens," said Gaétan Duplain, President of Opsens Solutions Inc., Opsens' Edmonton unit, which will execute the order. "The customer rigorously tested our fiber optic system, found our product has lived up and performed to its high expectations, and is now implementing the OPP-W systems on a commercial scale."
Opsens' OPP-W sensor system measures pressure and temperature, in real-time, at temperatures up to 300 degrees Celsius continuously in SAGD wells. The capacity to control pressure and temperature at high temperature allows in-situ producers to improve steam/oil ratios, increase production and reduce operation and lifting costs. The integration of OPP-W sensor systems on a multi-well basis will allow unprecedented field-wide, real-time bottomhole pressure and temperature to operators, production engineers and reservoir engineers, enabling effective and timely heavy oil reservoir management decisions.
Opsens Solutions' highly experienced engineering and fields services team will manage the design and technical services related to the contract. It plans to start installations immediately, with completion expected in the next coming months.
"Our decision to provide customers with a fully integrated offering has been validated by this substantial order," said Pierre Carrier, President of Opsens. "Given this 26-well order, combined with other outstanding bids, we foresee strong consolidated revenue growth for fiscal 2010."