We’ve watched with interest each month as the American Petroleum Institute’s (API) Monthly Statistical Report is released, and this month is no different.
All those operating within the sector would agree the term ‘rollercoaster’ is perhaps the best way to describe the fluctuations in oil prices during 2020.
Like all businesses, we have taken time this year to contemplate the impact of COVID-19 on both our professional and personal lives.
This year has been a strange and unpredictable time for us all, but as a company we have used this time to effectively invest in innovation to drive the business forward.
Innovation is at the heart of everything we do and this has continued to lead our way of thinking during 2020. Many of the issues and opportunities regarding downhole products and drilling equipment will still be there after the crisis abates and because of that, we have continued to develop new technology to meet the requirements of the sector.
If a unique challenge exists, we always look to work directly with our clients to tailor solutions to meet their challenges and this approach has remained this year, despite external economic pressure.
To support our activity this year and to provide a platform for ongoing innovation, we made several changes. In April, we announced the appointment of Anbjørn Kaurstad as Technology Manager. His role at Ace Oil Tools sees him leading our new technology studies and organizing the development processes of new innovations. Our firm commitment to innovation was rewarded this year with funding from Innovation Norway for the design and production of a new line of products. Keep an eye open for news coming soon.
We understand the importance of innovation, even in the challenging times we find ourselves in now. Keeping focused on reducing costs and gaining efficiencies enables us to continue to be a team of innovators looking to bring new products to the market.
The summer also saw us unveiling our new look brand and visual identity. Retaining the iconic vibrant pink colour that Ace Oil Tools has become known for, our new look also included an updated logo and website and these have been well received by those in the market.
We were also pleased to bring our new Ace Splice Clamp to the completions market this year. Allowing multiple lines to be spliced with a single clamp, the ASC is a ‘sub-less’ downhole product that protects the control lines during completion. It’s already been deployed for two Norwegian oil companies and we expect this demand to increase over the coming months.
We will also be announcing new technology at the start of 2021, and have been working hard to develop that this year.
We don’t have a crystal ball to see into the future or predict future challenges, nor do we know the hand we will be dealt in terms of petroleum demand and price.
Yet despite this, we want to continue to innovate and drive the sector forward. Our core goal has always been to be a holding force in downhole technology. During 2020, we have focused our efforts in driving forward our new, innovative products, bringing them to market at a time when the sector needs them most. We remain committed to this goal.