eCORP Upstream History & Evolution
EXPLORATION & PRODUCTION – The eCORP E&P Team brings together a combined 170 years of Operational and Management experience with career paths rooted in major companies, including Exxon, Chevron and Shell as well as mid to large size independents and smaller private companies. The team has managed multibillion dollar capex budgets for drilling, pipe, facilities and platforms in domestic as well as international (every continent excluding Antarctica) conventional and unconventional oil and gas plays. In both conventional and unconventional plays, the company and its E&P team have been early movers while creating and advancing new technologies to address geologic and environmental challenges. The drilling team, proven for the safe delivery of wells without injury or environmental incidents and for developing multi-cultural teams in many parts of the world, possesses multi-national permitting and insurance expertise.
- Early Movers/Development Frontiers
China: In a prior engagement, eCORP’s Vice President of International Operations established in the mid-90s an oil and gas project in central China, in full harmony with local farmers in China’s breadbasket. The project entailed drilling and hydraulically fracking wells, all carried out without incident, under the auspices of the first production sharing contract (PSC) signed by Chinese authorities (local administration and CNPC-Beijing) for onshore China.
- Technological Innovations
Reservoir Analysis Technique, Underwater Production System, Gravel Pack Completions and Drill Bit Technology: The team has often advanced technology to implement projects at hand, including creating ADCAP, a patented reservoir analysis technique; designing, building and testing an underwater production system; introducing open-hole gravel pack completions to offshore India; and implementing PDC drill bit technology in offshore Trinidad.
- Environmental Achievements
South Louisiana Wetlands: Notable environmentally sensitive operating theaters have included South Louisiana wetlands. The South Louisiana program included drilling and producing wells in swamp sites as well as working over and producing wells in and around Avery and Weeks Islands under Audubon Society guidelines, including zero discharge operations and such steps taken in a designated nature preserve. Appropriate protection requires innovation and team members have been and continue to be involved with perfecting the use of hovercraft to deliver and install well systems in the wetlands and thereby minimize damage to native plants.
- Early Movers/ Development Frontiers
The Company and E&P team members have led the early identification of prospective shales in several U.S. basins and in Canada, building both companies and technologies (as elaborated below) to develop these resources.
Marcellus: The Stagecoach Storage Facility (see website Midstream tab) drilling program in New York informed the company immensely relative to the prospective commercial viability of the adjacent Marcellus shale members. This knowledge, combined with an extensive regional geological survey conducted by the company, led eCORP to undertake significant leasing programs for the shale in Pennsylvania beginning as early as 2005. In January of 2007, eCORP was the 7th largest “non-Barnett” shale gas lease holder in the U.S. through acquisition of approximately 165,000 net acres in the Marcellus in Pennsylvania and an approximately equal amount of acreage acquired in two other U.S. shale basins, positioning the company well ahead of large independents and most “pure” shale gas players in terms of its understanding of the potential of such shale gas basins and acquisition of significant acreage positions therein. By February 2009, eCORP had sold its Marcellus position by means of a series of transactions for a 17X multiple.
- Technology Innovations
Shale Reservoir Laboratory Techniques: In their unconventional experience, just as with the company’s EOR, storage and conventional experiences, E&P team members have been at the forefront of developing and introducing new technologies. Technological innovations include conceiving and codifying certain shale reservoir laboratory techniques that have become the standard for characterizing certain critical properties.