Market Assessment - Vibration Assisted Rotary Drilling (VARD) Tools and Technology

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Vibration Assisted Rotary Drilling (VARD) technology was developed at the Drilling Technology Laboratory at Memorial University of Newfoundland which increases the Rate of Penetration (ROP) for rotary drilling. Rotary drilling trials conducted under laboratory conditions and during full-scale field trials have demonstrated increases in ROP ranging from 25% to 300%, depending on the type of formations drilled and the VARD tool configuration. Under combined funding the NSERC I2I program and the Memorial University Research Innovation Office, a Market Assessment for the VARD technology is being conducted. This will evaluate the market demand for the technology and clarify options for the best means to introduce the technology into the drilling market place. This will be done through evaluation of secondary data already available in the public domain, primary research involving consultation with industry technical professional and executives, and comprehensive market synthesis of these data.