22 june 2021 News

Rostec and “PetroEngineering” launch the production of oil and gas field equipment

“POLYUS” Research Institute of M.F. Stelmakh, a company of Shvabe Holding of Rostec State Corporation, and “PetroEngineering” LLC, a company specializing in providing services in oil and gas wells drilling, have launched a large-scale oilfield equipment production project. The parties are going to cooperate in the development and production of advanced drilling equipment, including polycrystalline diamond compact (PDC) bits, an innovative drilling tool designed for drilling oil, gas, or geothermal wells. “POLYUS” Research Institute of M.F. Stelmakh, a Shvabe Holding company, participates in the project on behalf of Rostec State Corporation.

The cooperation agreement was signed by Evgeny Kuznetsov, Director General of “POLYUS” Research Institute, and Aleksandr Gerasimenko, Director General of “PetroEngineering Innovative Service Company”.

“POLYUS” Research Institute already has experience in the development of unique subsea oil and gas production industry dedicated equipment – last October, we commercialized our fiber-optic system for transmission and conversion of optical signals, which enables controlling subsea offshore production infrastructure. “PetroEngineering Innovative Service Company” LLC is one of Russia's leading oilfield services companies, which has been successfully developing and producing drilling equipment since 2015. Joining our expertise with that of our partner is sure to become the key to effective cooperation and enhance production potential of both parties,” pointed out Evgeny Kuznetsov.

“PetroEngineering ISC” LLC operates in almost all segments of the oilfield services market, features in-house manufacturing of drilling tools, and specializes in providing engineering services in the field of well drilling. 

"I believe that entering into the agreement with the “POLYUS” Research Institute will provide fresh impetus to the development of production of indigenous Russian drilling equipment, which will be able to adequately compete with its foreign equivalents. Moreover, the issue of import substitution has become the most urgent amid the pandemic. The synergy of R&D potential of “POLYUS” Research Institute and our experience in oil and gas well drilling technologies will enable us to take the production of equipment in this Russian strategic industry to international level," stressed Alexander Gerasimenko.

“PetroEngineering ISC” LLC has developed over 400 designs for PE series PDC drill bits (PetroEngineering) marketed under the PetroBits trademark which include adaptation designs for the key Russian oil and gas production regions. As of today, the company specialists have drilled over 5 thousand wells nationwide with the total meterage of about 14 thousand kilometers.