Weatherford Introduces Production Optimization Consulting

ABU DHABI, United Arab Emirates, Nov. 10, 2015 /PRNewswire/ -- Weatherford International plc announced the official launch of its Production Optimization Consulting ("POC") group today at the Abu Dhabi International Petroleum Exhibition and Conference. Weatherford POC services integrate cyclical optimization solutions to enable proactive well, reservoir and asset management.

Weatherford consultants collaborate with operators to achieve single-well or full-field optimization. After comprehensive analysis of the well or field, the consultants recommend the most suitable artificial-lift systems, surface and downhole sensors, controllers, production-optimization software and workflows appropriate to the assets.

POC services can be applied to a wide range of fields, including conventional, deepwater, unconventional shale and heavy oil. Whether the objective is to reduce costs through individual well optimization, to increase efficiencies by integrating field operations or to create a comprehensive digital oil field, Weatherford develops a custom plan to maximize oil production and reduce operational costs.

"Weatherford offers the largest artificial-lift portfolio in the industry, along with a 480,000-well track record of successful optimization-software implementation," said Ashok Dixit, Vice President of Production Optimization Consulting at Weatherford. "Additionally, through our asset inspection methodology (AIM), Gain and Sustain collaborative methodology, we help our clients reduce downtime, increase production and increase the meantime between failures."

The value of Weatherford POC services has already been proven in the field. Recently, the POC group monitored and optimized more than 200 reciprocating-rod-lifted wells for an independent operator in the Permian Basin in Texas. After performing detailed failure analysis, the Weatherford consultants implemented various automated workflows using LOWIS^® software. They continued to monitor and adjust the set points of these wells for more than 10 months. During this period, the overall failure rate was reduced by more than 50 percent, which led to millions of dollars in savings through decreased workover spending and increased oil production.

For more information about this new service, visit http://www.weatherford.com/poc.

LOWIS is a registered trademark of Weatherford in the U.S.

About Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 100 countries and has a network of approximately 1,350 locations, including manufacturing, service, research and development, and training facilities and employs approximately 42,800 people. For more information, visit www.weatherford.com.

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SOURCE Weatherford International plc