Luna Partners to Develop New Oil and Gas Production Monitoring Service

Rhea-AI Summary

Luna Innovations (NASDAQ: LUNA) has announced a new production profiling capability through its OptaSense fiber optic sensing products, developed in collaboration with ConocoPhillips. This advancement enhances the accuracy of oil production assessments in unconventional wells, utilizing patented transient analysis technology. The solution allows for both permanent and temporary deployment, improving detection of production features that other tools miss. Luna's ongoing collaboration with industry partners positions it as a leader in fiber-based monitoring services for the oil and gas sector.

Positive

• New production profiling technology improves accuracy in oil production assessments.
• Collaboration with ConocoPhillips enhances technology capabilities.
• Flexible deployment options (permanent or temporary) increase market adaptability.
• Strengthens Luna's position in the fiber-based production monitoring market.

Negative

• None.

OptaSense Products Deliver Clearer Picture of the Reservoir with Fiber-Optic

ROANOKE, Va.--(BUSINESS WIRE)-- Luna Innovations (NASDAQ: LUNA), a global leader in advanced optical technology, today announced a new production profiling capability based on Luna’s OptaSense fiber optic sensing products. The new capability is a result of the joint development and licensing of ConocoPhillips’ patented transient analysis technology in combination with Luna’s high-sensitivity, distributed temperature measurements.

The solution increases the accuracy of determining individual cluster oil production in unconventional wells and can be deployed with either permanent or temporary deployment options. This enables the identification of features in producing wells that are not easily detected by other temperature or acoustic sensing tools alone. Continuous refinement of the tools and increased deployment in the field is yielding an even clearer picture of producing conditions in various types of reservoirs.

“We are proud of our innovative and industry-enhancing relationship with ConocoPhillips to further expand the applications of fiber-optic technology in the Oil & Gas business worldwide,” said Luna’s President and CEO, Scott Graeff. “This collaboration provides us a key reservoir profiling solution that solidifies Luna’s position as the leader of fiber-based production monitoring services in the oil and gas market.”

Luna’s OptaSense products deliver a variety of technologies that provide analysis and answer products for completion and production optimization. Collaborations with industry partners like ConocoPhillips continue to grow not just the science but, more importantly, the commercialization of tools that are used to assess production in the most complex reservoirs.

About Luna

Luna Innovations (NASDAQ: LUNA) is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market. www.lunainc.com

Forward Looking Statements

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding accuracy and technological capabilities and potential performance improvements, market position and value related to its technology and/or products. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, changes in market needs and technological challenges and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005325/en/

Allison Woody

Phone: 540-769-8465

Email: woodya@lunainc.com

Source: Luna Innovations

FAQ

What recent advancements has Luna Innovations made in oil production technology?

Luna Innovations has introduced a new production profiling capability through its OptaSense fiber optic sensing products, enhancing accuracy in unconventional oil well assessments.

What is the nature of Luna's collaboration with ConocoPhillips?

Luna's collaboration with ConocoPhillips focuses on the joint development of patented transient analysis technology, which is integrated into Luna's fiber optic sensing products.

How does Luna’s new technology impact oil production monitoring?

The new technology enhances the ability to identify individual cluster oil production in unconventional wells, improving the clarity of production conditions.

What are the deployment options for Luna's new production profiling solution?

Luna's new solution can be deployed either as a permanent or a temporary installation, providing flexibility for various operational needs.

How does this new development affect Luna's position in the market?

This development solidifies Luna's market leadership in fiber-based production monitoring services within the oil and gas sector.