We helped a client who was developing a new chemical product to enter a new market by providing case studies and examples of best practice.
Our client asked:
Our oil and gas (O&G) client was interested in evaluating the use of time degradable (TD) lost circulation materials (LCM) for use in the reservoir section during drilling.
Industry data shows that lost circulation issues account for around 10-20% of non-productive time when drilling a well. Of 100+ LCM products on the market at the time of the study, only a few were TD.
Our client believed this was a good market to enter due to lack of competitors in this space and asked for our assistance in achieving this.
The project story:
We conducted a state-of-the-art review of the main competing LCM technologies, to establish where our client’s product sits within the market. We also provided six case studies, summarised from our literature research and expert interviews.
We paid special attention to a product created by our client’s main competitor which had been put on the market two years before our client’s product.
Results: deliverables and outcomes
Our client was able to learn the key points of a successful market entry from the case studies provided.
We recommended that the client should partner with an operator to gain access for a field trial in their well, as well as partnering with a major service company and provide the TD LCM product only, without a service package. We also suggested ways to shorten the time required to pass the tests required by API standards, such as providing details of the relevant test facilities and introducing our client to key contacts within these facilities.
