Weatherford acquires Petrowell Limited
HOUSTON -- Weatherford International Ltd has announced the acquisition of Petrowell Limited, a company specializing in the design, engineering, manufacturing and testing of some of oil and gas completion tools.
This adds to Weatherford’s existing completions offering and enhances the company’s ability to provide unique technologies in three key areas, as follows: 1) utilization of interventionless technology to reduce operating expense and risk during the completion and drilling phases of wellbore construction; 2) making access to unconventional hydrocarbon reservoirs more effective by tailoring the completion geometry to improve the stimulation process; and 3) providing highly reliable life of the well open hole zonal isolation solutions to combat the acceleration in decline rates.
Petrowell is known for its high-quality completion, intervention, open hole, and artificial lift products that provide solutions for some of the industry’s most challenging operating environments.
Petrowell possesses a broad intellectual property for the downhole application of RFID technology. This acquisition solidifies the close relationship of the two companies who have been aligned in a global partnership to develop and commercialize game changing technologies since 2008.
06/25/2012