Benzinga | May 13, 2021 08:41AM EDT

Luna Innovations' OptaSense Unit Reports Partnership With Liberty Oilfield Services To Introduce FracSense Diagnostic Service, No Terms Disclosed

Luna Innovations (NASDAQ:LUNA), a global leader in advanced optical technology, today announced an important partnership between its OptaSense business and Liberty Oilfield Services. The strategic partnership is introducing FracSenseTM, a diagnostic service to help engineering professionals at our oil & gas customers acquire more accurate diagnostic information, ultimately leading to optimized hydrocarbon production.

"The formation of this alliance with Liberty is an important step in capturing a significant opportunity in the oil and gas market," said Luna Innovations CEO, Scott Graeff. "Fiber-optic sensing technology provides operators the ability to gather key data while improving their overall asset economics. We are excited to work with our partners and customers to deliver this cutting-edge technology."

Launched in partnership with Liberty, the diagnostics service utilizes real-time fiber optic measurements to monitor the fracture treatment process in wells. Capturing high resolution, real-time data allows operators to course correct, improving fracture length and fracture-height model calibration as well as evaluating effective well spacing. Additionally, since the fiber can be deployed into new or existing wells, the technology can also be used to profile production.

James Pollard, Managing Director of OptaSense, a Luna company, stated, "The ability to optimize frac design based on reservoir and production response will deliver considerable value. OptaSense's fiber-optic measurements, delivering real-time data and visualization, along with Liberty's hydraulic fracturing stimulation and completion design expertise, will help operators maximize resource recovery in their reservoirs."

"FracSense is our latest service offering, which strengthens our existing portfolio of fracture engineering technologies," said Liberty CEO, Chris Wright. "This allows our renowned technical team to provide best-in-class fracture diagnostics and modeling to help our customers with completion design optimization and extract maximum value from their resource."