Interview with Eivind Moen, Co-founder - Commit Well Solutions

American Association of Petroleum Geologists (AAPG)
What is your name, affiliation, and current role?

Eivind Mown
Eivind Mown
My name is Eivind Moen and I am the co-founder and Product Line Director at Comitt Well Solutions

What is your background?

I have over seventeen years of oil and gas experience, spanning multiple roles in completion and intervention operations, engineering, product development, and technology commercialization. I previously co-founded i-Tec (now part of NOV Completions). I have a passion for using my knowledge and expertise to help companies improve their operational efficiency and profitability, and have built a proven track record of developing and commercializing innovative technologies that have helped companies to stay competitive in a constantly evolving industry.

How did you become interested in innovation and new directions in the industry?

I have always been interested in exploring technologies to unlock new markets. My primary interest is on the market side and once the market has been identified and defined the technology development becomes an enabler to access that market.  Moreover, the ever-changing global energy landscape demands that we explore new frontiers and adapt to emerging trends. This realization ignited a fire within me to actively seek out and embrace innovative approaches that can shape the future of our industry.
Being at the forefront of technological advancements and witnessing their transformative impact on operational efficiency, environmental sustainability, and profitability has been both inspiring and invigorating. It's this constant pursuit of innovation that fuels my passion and drives me to explore new directions, challenging the status quo to unlock untapped potential in the oil and gas industry.

Please describe a new technology or process that you are involved with.

I am thrilled to discuss a groundbreaking technology called the EXCITE platform. It is a revolutionary solution designed to address the challenges faced by the oil and gas industry in restoring and sustaining productivity in underperforming wells.
Traditionally, operators have struggled to effectively recover production in such wells, resorting to methods like bullhead acid treatments or refracturing. However, these approaches have yielded inconsistent and unreliable results, often falling short of addressing the underlying issues. The EXCITE platform takes a holistic and data-driven approach to optimize production recovery from existing wells. It begins by identifying and selecting the most suitable candidates for treatment based on historical experience and analytical methods. Through careful evaluation, we determine the optimal combination of wellbore cleanout techniques, chemical treatment selection, and retreatment methods to maximize financial returns.

EXCITE platform banner

What distinguishes the EXCITE platform is its unparalleled precision and control capabilities to deliver focused acid treatments across targeted intervals along the wellbore. This level of precision ensures optimal stimulation, maximizing production recovery and minimizing the risk of creating residual new formation damage. The EXCITE platform empowers operators with the ability to achieve exceptional results and unlock the full potential of their existing wells.
The operational deployment of the EXCITE system is another key aspect of this technology. The system is fully hydraulically activated, ensuring operational reliability and minimizing downtime. With its precise treatment placement and coverage across all intervals, the EXCITE platform significantly improves the performance and longevity of well production recovery.
By leveraging the EXCITE platform, operators can achieve enhanced production recovery while mitigating risks and minimizing the need for subsequent field operations. This not only improves profitability but also contributes to environmental sustainability by reducing the overall operational footprint. I am truly excited to be part of the team driving innovation and advancing the EXCITE platform. It represents a game-changing solution that empowers the industry to unlock the full potential of existing wells, maximizing productivity and optimizing resource utilization.
In summary, the EXCITE platform represents a transformative technology that combines advanced data analytics, precision treatments, and operational efficiency to revolutionize production recovery in underperforming wells. It is an honor to be involved in such an innovative venture that holds immense promise for the future of the oil and gas industry.

Who will benefit from it?

The benefits of the EXCITE platform extend to various stakeholders within the oil and gas industry, creating a positive impact across different levels. Let's explore the key beneficiaries:
Operators: The EXCITE platform provides operators with a powerful tool to maximize production recovery from underperforming wells. By leveraging advanced data analytics, precise treatment design, and optimal wellbore cleanout methods, operators can achieve higher and more sustainable production rates. This translates into improved profitability, asset optimization, and enhanced operational efficiency.
Investors and Shareholders: The EXCITE platform offers significant value to investors and shareholders by enabling operators to unlock the untapped potential of existing wells. By recovering lost production and optimizing resource utilization, the platform enhances the financial performance and returns on investment. This creates a compelling proposition for investors seeking long-term value and growth within the industry.
Environmental Stewardship: The EXCITE platform aligns with the industry's growing focus on environmental sustainability. By optimizing production recovery from existing wells, operators can reduce the need for drilling new wells, thereby minimizing surface disturbance and environmental impact. Additionally, the platform's precise treatment design helps minimize the use of chemicals and their potential environmental footprint.
Local Communities: The EXCITE platform indirectly benefits local communities by promoting responsible resource management and reducing the need for additional drilling operations. This can result in reduced traffic, noise, and other disturbances associated with drilling activities. Moreover, the platform's ability to enhance operational efficiency contributes to the overall safety and well-being of the communities where oil and gas operations are conducted.
In summary, the EXCITE platform offers a wide range of benefits to operators, investors, environmental stewardship, and local communities. By maximizing production recovery, optimizing resource utilization, and promoting sustainability, the platform sets the stage for a more efficient, profitable, and environmentally conscious oil and gas industry.

Where will the technology or process be in a year?  three years?  five years?

In the constantly evolving landscape of the oil and gas industry, the trajectory and potential of the EXCITE platform are highly promising. Let's envision the future of this technology:
Within the next year, the EXCITE platform will undergo further advancements and refinements based on real-world implementation and customer feedback. The platform will continue to demonstrate its effectiveness in restoring and sustaining productivity in underperforming wells. Expanded case studies and success stories will showcase its tangible benefits, leading to increased industry awareness and adoption.
Over the next three years, the EXCITE platform will establish itself as a leading solution for production recovery and optimization. It will be widely recognized and embraced by operators as a key component of their asset management strategy. The platform's capabilities will be further enhanced through integration with emerging technologies such as artificial intelligence and machine learning, enabling more precise and data-driven decision-making.
Looking ahead five years, the EXCITE platform will have transformed the way operators approach well productivity and reservoir management. It will become an industry standard, deployed across a wide range of oil and gas fields globally. The platform's predictive analytics capabilities will be significantly advanced, enabling proactive identification of production risks and optimization opportunities. Through continuous innovation, the EXCITE platform will remain at the forefront of technology-driven solutions, supporting the industry's pursuit of enhanced operational efficiency, sustainability, and profitability.
Overall, the EXCITE platform is set to evolve and thrive in the coming years, cementing its position as a game-changing technology in the oil and gas industry. Its continuous development and integration with cutting-edge technologies will ensure its relevance and effectiveness in addressing the industry's evolving challenges and opportunities.

What makes you optimistic about the future?

In the face of evolving challenges and the constant demand for innovation, there are several factors that make me optimistic about the future of the oil and gas industry:
Technological advancements: The rapid pace of technological advancements brings forth exciting possibilities. Emerging technologies such as artificial intelligence, machine learning, and data analytics are transforming the way we explore, produce, and optimize hydrocarbon resources. These advancements open doors to improved operational efficiencies, cost reductions, and sustainable practices.
Energy transition and diversification: The global energy landscape is shifting towards a more diversified and sustainable future. The growing focus on renewable energy sources and the increasing adoption of cleaner technologies are driving a transition towards a lower-carbon future. This transition presents opportunities for the oil and gas industry to adapt, innovate, and play a vital role in the energy mix of the future.
Collaborative industry efforts: Collaboration within the industry and across sectors is fostering innovation and knowledge-sharing. Industry players are coming together to address common challenges, share best practices, and drive collective progress. These collaborative efforts promote synergy, efficiency, and the development of breakthrough solutions that benefit the entire industry.
Resilience and adaptability: The oil and gas industry has a history of resilience and adaptability. It has weathered various challenges in the past and has shown its ability to adapt to changing market dynamics and technological advancements. This resilience gives us confidence that the industry will continue to adapt and thrive in the face of future uncertainties.
Human ingenuity and creativity: The industry is fueled by the passion, expertise, and creativity of its professionals. The collective talent and ingenuity of engineers, scientists, and innovators drive continuous improvement and push the boundaries of what is possible. This human capital is the backbone of the industry and is instrumental in shaping a positive future.
Overall, the combination of technological advancements like the EXCITE platform, energy transition, collaboration, resilience, and human ingenuity makes me optimistic about the future of the oil and gas industry. It is an industry that has proven its ability to adapt and evolve, and I am confident that it will continue to play a critical role in meeting global energy demands while embracing sustainability and driving positive change.

Please recommend a book or two that you found insightful.

Certainly! One book that I found truly insightful and impactful is 'The Intelligent Investor' by Ben Graham. This classic investment guide offers timeless wisdom on value investing and the importance of long-term thinking. It emphasizes the significance of conducting thorough analysis, managing risks, and remaining disciplined in the face of market fluctuations. The book provides valuable insights not only for investment professionals but also for anyone seeking to develop a prudent and informed approach to financial decisions. It has greatly influenced my mindset and decision-making process, reinforcing the significance of fundamental analysis, patience, and a focus on long-term value creation.

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