How can I successfully bring my lost circulation materials product to market?


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.

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