Morning Mugwumps88,
The short answer to your question is, the system and processes are new and QA/QC still has to be completed to ensure that the equipment is stable and reliable. Part of that process is the field trials which from what I have been reading will be completed this month if the weather cooperates. The trials not only validate the process through data, but allow PCTL to fine tune/finalize the design and operation of the equipment.
Some would have you believe that PCTL is dragging their feet in regards to the EOR segment when in fact their TTM (Time to Market) is well ahead of the average for the Energy and Technology sectors.
Considering the JV was formed in July 2021 "for the purpose of testing and monetizing proprietary and patentable technology in the area of enhanced oil recovery" and that the first prototype generator was designed by Emmons and his team in December of 2021 and already in the field Q1 2022, I think they are doing very well with their TTM.
As for the challenges presented offshore, they are no different than onshore with a few exceptions, the major ones being "real estate" (space limited) and accessibility (isolated/remote locations, logistics and support). Because of these factors, I believe PCTL would have to change the business model from lease/service to sales/support for the O&G sector or if staying with the former model, contract with an offshore service provider.
As to your last question, anything that can substantially improve production from existing fields at an incremental cost less than other methods without harming the environment is a win for operators.
Hope you are doing well.
