While the roots of the modern energy sector date back to the drilling of the first oil well in 1857, its trajectory continues to be shaped by innovators and forward-thinking companies. In 2024, a new wave of small players are pushing the envelope, bringing exciting new advancements in efficiency and safety to the field. Here are four energy companies on the rise in 2024.
Beacon Offshore Energy
With oil prices on the rise, deepwater drilling is gaining traction fast, and Beacon Offshore Energy, an oil exploration company focused on upstream oil and gas properties, has positioned itself to benefit greatly from this transition.
Beacon has recently made big investments in the Gulf of Mexico, holding 35.41% working interest in the Winterfell oil development and a 20.05% interest in the Shenandoah field.
With the support of Blackstone Energy Partners behind them and Scott Gutterman, an industry veteran with 40 years of exploration and production experience, at the helm, it seems Beacon’s future is looking very bright indeed.
K&B Industries
K&B Industries is a small manufacturer making big investments in oil and gas. They’ve recently sunk $12 million into expanding their production capabilities in their home territory of Louisiana, but what’s even more interesting is their $60 million joint partnership with Guyson.
This venture will transform the GuySuCo sugar packaging plant in Guyana into a new fabrication facility for oilfield manufacturing, giving K&B Industries an important foothold in the South American market.
Over the past decade, the tiny country of Guyana has become oil-rich, housing 11 billion barrels in its reserves, and the country’s leadership is keen to capitalize on this newfound wealth of natural resources. That’s good news for K&B Industries, its investors, and its partners.
However, it’s also good news for the residents of Guyana. GKB, the local joint venture formed by Guysons and K&B industries, is a majority-owned Guyanese company, and its objective is to bring oilfield jobs and training programs to improve the lives of the Guyanese people.
“Our goal is to equip them with the necessary tools that will help to flourish their skills and services and have it regenerated back into the development of Guyana” said Nick Becnel, head of sales for K&B Industries. [1]
Titan Torque Services
Titan Torque Services has been strategically establishing partnerships in the oil and gas industry, and their new contract with Steel Space Casing Drilling looks particularly promising. This partnership gives them a seat on the board, and they will help guide the company as it brings its product to the commercial oilfield market.
Offering the world’s first Single Trip, Downhole Powered, Multi Motor, Casing Drill Tool, this invention aims to make quick work of challenging oilfields. Technical reviews estimate that this tool’s increased efficiency could result in a savings of $5 million per well in Middle Eastern markets. [2]
They’ve also forged valuable partnerships with other up-and-comers in oil and gas, including DIS, HRG Well Solutions, Dynomax, and Drillmax.
Drilling Innovative Solutions, LLC
DIS (Drilling Innovative Solutions) is a small manufacturing company that’s not to be underestimated. Their innovative products have found homes in far-ranging territories from the North Sea to the Gulf of Mexico, and the company prides itself on manufacturing tools that can not only tackle any drilling environment, but also save drilling companies a lot of money.
With a focus on enhancing efficiency, these tailored solutions have the potential to yield savings well into the millions, effectively conserving valuable and costly operating hours for companies.
In 2023, DIS worked with major operator Chevron on the Anchor Project, significantly cutting rig time and costs, and they’ve also worked hard to establish valuable partnerships with other operators and tool companies across the globe, such as Titan Torque.
However, DIS is also a leader in another very important area—sustainability. With pressure from world governments and environmental groups growing, energy companies will need to keep sustainability front of mind going forward, and DIS provides solutions that not only reduce costs but also carbon emissions.
The year 2024 promises to be an exciting year for the industry, with numerous new technologies and developments on the horizon. Curious about how DIS’ innovations can position your company at the forefront of these new developments? Reach out to us to explore the possibilities.
