Oklahoma Patent of the Month – August 2024
Target Completions, LLC, experts in completion and fracturing technologies, has patented their design for a new downhole catching system capable of catching falling equipment in oil and gas wells, addressing a significant challenge in downhole operations. This innovative tool centers around a cylindrical mandrel that allows for sliding longitudinal movement within a specially engineered catching assembly.
The catching assembly features a drag assembly composed of multiple drag elements that grip the well’s interior surface, resisting both upward and downward movements. This ensures that if equipment slips, the catcher can effectively halt its descent. A unique slot engaging element operates in conjunction with a setting device positioned below the drag elements, enabling the system to automatically engage and disengage without the need for rotational motion.
The design eliminates the traditional requirement for rotating the tubing string or the mandrel, simplifying operations and reducing wear on associated components like electrical cables. Instead of the lengthy J-slot mechanisms typically seen in existing catchers, which complicate manufacturing and operation, Target Completions introduces a yo-yo slot mechanism, dramatically reducing the required stroke length to about 12 inches.
This innovation not only streamlines the process of setting and retrieving electric submersible pumps but also enhances reliability and effectiveness. With fewer moving parts and a straightforward operational mechanism, the catcher minimizes the risks associated with equipment failure in wells, particularly in horizontal completions where equipment stability is critical.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
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The Research & Experimentation Tax Credit (or R&D Tax Credit), is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. The credits are a tax incentive for performing qualified research in the United States, resulting in a credit to a tax return. For the first three years of R&D claims, 6% of the total qualified research expenses (QRE) form the gross credit. In the 4th year of claims and beyond, a base amount is calculated, and an adjusted expense line is multiplied times 14%. Click here to learn more.
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