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Dec 29, 2016

Graphene Nanochem logoGraphene Nanochem received a contract order for its Platdrill fluid in the shale gas market in China worth about $360,000. The order pertains to 4,000 barrels of PlatDrill, a smart fluid that speeds the drilling and quality of shale gas as well proving environmental and economic benefits.

The contract is for servicing two wells in Changning in the southwest of the country, an area where 300 shale gas wells are expected to be drilled over the next five years.

Graphene Nanochem and its partner Scomi are also marketing Platdrill as a more environmentally friendly alternative to traditional oil based mud (OBM) in south east of China where drilling contractors are expected to use 80-120,000 of synthetics as a replacement for OBM.

In September 2014, Graphene Nanochem signed a 5-year offtake agreement with Scomi. In June 2015, Graphene Nanochem announced a significant order for its PlatDrill Series drilling fluid worth $28 million with an undisclosed national oil company. In March 2015, Graphene Nanochem announced that the PlatDrill Series has been classified as "readily" biodegradable with a non-toxic ranking.

Source: 
Graphene Investment Guide