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Global production is declining, while worldwide energy consumption is increasing. The average recovery factors on subsea wells globally is approximately 22%, meaning subsea wells produce 10% to 30% less than equivalent dry tree wells, on a global basis.
These are not new or surprising facts, but together they do point to a very clear need to better utilize and enhance the production of current oil fields across the globe. Targeting that 70-80% of oil left in the ground, Welltec has developed a suite of electric line intervention tools to allow operators to further enhance production of existing assets.
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