Drill Bit Specialist ‘BlueFire’ Opens Research Lab Near Houston

BlueFire Equipment Corporation disclosed today that it has established its new research lab in Houston area. The high-tech space consists of a fully equipped lab for its dynamic research and development component, and will house BlueFire’s corporate headquarters.

According to the American Petroleum Institute, U.S. oil production is at its highest level in 20 years, exceeding 7.3 million barrels per day this year, up from 6.4 million in 2012. This equates to more than $750 million per day of economic activity in the U.S. According to the International Energy Agency, the U.S. will soon surpass Saudi Arabia and Russia to become the world’s biggest oil producer. Such explosive growth has led to the need for innovative technology to keep up with this rate of production.

Chairman and CEO of BlueFire Equipment Corporation William Blackwell said, “BlueFire’s new home will facilitate the continued development of intellectual property and enable our team of scientists to ramp up the technological innovation that has resulted in products with superior performance.”

As previously announced, BlueFire’s polycrystalline diamond cutter (PDC) drill bits are expected to become a sought-after commodity for their higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales.

BlueFire’s proprietary bit may provide much faster and longer drilling, without the need to stop and pull the entire drill pipe out of the well to replace a spent drill bit. According to recent findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving considerable time and money for the driller. Last month, BlueFire announced it is working with the United States Patent and Trademark Office for an additional drilling tool patent.