Queensland radial drilling technology group V2H International has secured $1 million as part of the Federal Government scheme to accelerate commercialisation of new products for Australian and international markets.
V2H International is a technology development company that partners with oil and gas producers, service companies, governments, private equity groups and other organisations in the oil and gas industry to help them deliver its step change radial drilling technology.
The funding, provided under the Entrepreneurs’ Programme’s Accelerating Commercialisation element, will support the businesses to conduct commercialisation activities, proving the viability of their products, processes or services and preparing them for market.
V2H International was one of 24 companies to receive grants under the program and only one of two to receive the maximum grant value of $1 million.
V2H International COO Kevin Greenwood said the grant was an important step in the company’s progress towards rolling out the technology around the world.
“Our Australian subsidiary, V2H Australia, is already beginning to gain some traction in the local oil and gas industry and we are currently talking to a number of potential partners in the United States, Canada, China and the Middle East,” Mr Greenwood said.
“We would like to thank AusIndustry and the Federal Government for recognising the enormous potential for our technology both here and overseas. The grant process has been managed extremely efficiently and professionally and we would look forward to taking our technology and business to the next level.”
The V2H technology, developed over 20 years, replaces traditional drill heads with a high-pressure water system that can rapidly install extensive patterns of lateral radial boreholes into multiple formations, directly from a standard vertical production well.
The technology allows the laterals to be drilled from both existing and new wells, which in turn maximises drainage efficiency and increases production and ultimate recovery. For producers, the technology has the capacity to significantly lower capital and operational expenditure, increase well recoverability and lower environmental impacts.
The Programme’s experienced Commercialisation Advisers will help the recipients to navigate this often challenging stage of product development. Businesses are required to dollar match the grant funding.
Accelerating Commercialisation Director Larry Lopez said these businesses were among 234 Australian businesses to have benefited from more than $117 million in Entrepreneurs’ Programme funding to date.
“The Entrepreneurs’ Programme, through the Accelerating Commercialisation element, supports entrepreneurs, researchers and businesses to find the right commercialisation solutions for their novel product, process or service as they work towards achieving success in the global marketplace,” Mr Lopez said.