Dotz Nano Limited (ASX:DTZ) has received its first purchase order from a leading NASDAQ-listed oilfield technology and services provider with a market capitalisation of more than US$5 billion to expand in-field trials of a new technology to monitor corrosion inhibitors in-field.
While the amount and financial detail for this stage of field trial is immaterial and remains commercial in confidence, Dotz expects the arrangement between the parties to become material for Dotz at the successful completion of these additional trials during 2023. The NASDAQ-listed company is scheduled to perform at least three field trials in various locations across north America within the next six months. Further purchase orders and a ramp-up of Dotz technology will depend on results of these trials and end-user acceptance of the technology.
Dotz’s technology provides a solution to detect and quantify corrosion inhibitors (CIs) within oilfield premises, providing on-site dosage management and significant savings on maintenance and corrosion inhibitor overdosing and underdosing costs. It also significantly reduces the time needed to obtain reliable, valuable data in industrial settings.
The Dotz solution was successfully tested at Dotz and the oil and gas service provider’s labs over the past 3.5 years. Demonstrating extreme reliability in a wide range of operating conditions, the recently patented solution will now be trialed at production sites, allowing the solution to be tested within complex and challenging operational settings.
Previously, detection and quantification of corrosion inhibitor in drilling fluids required samples to be shipped to centralised laboratories for analysis that can take weeks, or even months, in a time-consuming, expensive, and highly inefficient manner. Detecting and monitoring CI on-site enables significant savings on shipment and overdosing of CI while reducing the risk and possibly severe consequences of CI underdosing.
We are extremely proud to have developed a cutting-edge, more effective solution for corrosion inhibitor management – a very challenging and technical issue in the oil and gas industry,” Dotz Chairman Bernie Brookes said.
“These trials provide on-site monitoring of corrosion inhibitors within the oil and gas sector. Expanding the trials in such a complex operational environment gives us greater insights into how our technology can be applied within the industry.
“We believe this unique innovation opens a window of opportunity to adapt this new technology to additional crucial and expensive industry materials which are currently monitored off-site using less-efficient means.”
