Luna Partners to develop new oil and gas production monitoring service


OptaSense products provide a clearer tank image with fiber optics

ROANOKE, Virginia, October 6, 2021– (BUSINESS WIRE) – Luna Innovations (NASDAQ: LUNA), a global leader in advanced optical technology, today announced new production profiling capability based on Luna’s OptaSense fiber optic sensing products. The new capability is the result of the joint development and licensing of ConocoPhillips patented transient analysis technology in combination with Luna’s highly sensitive distributed temperature measurements.

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

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

Luna’s OptaSense products offer a variety of technologies that provide analysis and response products for production completion and optimization. Collaborations with industrial partners such as ConocoPhillips continue to develop not only the science but, more importantly, the commercialization of tools used to assess production in the most complex reservoirs.

About Luna

Luna Innovations (NASDAQ: LUNA) is a leader in optical technology, committed to serving customers with unique capabilities in high performance fiber optic-based detection, measurement, test and control products for the aerospace industry, the transportation, infrastructure, security, process control, communications, silicon photonics, defense and the automotive industry, among others. Luna is organized into two business lines, which work closely together to turn ideas into products: Lightwave and Luna Labs. Making the future easier 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

Statements in this press release that are not historical facts constitute “forward-looking statements” made in accordance with 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 technological accuracy and capability and potential improvements in performance, market position and value related to its technology and / or products. Management warns the reader that these forward-looking statements are only predictions and are subject to a number of known and unknown risks and uncertainties, and that the actual results, performance and / or achievements of Luna may differ materially from the results, performances, and / or achievements expressed or implied by these forward-looking statements due to 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 documents filed with the Securities and Exchange Commission (” SEC ”). These documents are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. Statements made in this press release are based on information available to Luna as of the date of this press release, and Luna does not undertake to update any forward-looking statements after the date of this press release.

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

Contacts

Allison woody
Telephone: 540-769-8465
Email: woodya@lunainc.com

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