Lowering Completion Costs with Intelligent Technologies
Completion spending by oil and gas companies has more than doubled in the last five years, due to several trends. The move into unconventional reservoirs to produce oil and gas from shale has dramatically increased the total well count and the focus on dividing the reservoir into compartments to allow selective stimulation has led to an increase in the amount of completion hardware in each wellbore. This combination of events has led to a win-win situation for both Weatherford and the client. More production intervals equal more production from the well for the operator and increased equipment sales for Weatherford.
Reducing our clients' total operating costs in these unconventional basins is a critical focus for Weatherford. To that point, we provide clients with the industry’s highest stage count ball drop frac sleeve system for both cemented and openhole applications. In addition, our new TruFrac® composite frac plug enables operators to deploy it 2.5x faster than our competitors and contains 97% composite material that allows operators to mill out quicker. These technologies will further increase efficiency as clients move toward re-stimulation of existing unconventional wellbores.
In the offshore arena, we’re saving operators valuable rig time with RFID (Radio Frequency Identification Device) technology, allowing the activation of downhole tools without the need of any intervention.
For example, over an 18 month time period we completed 17 wells for a super major client in the Caspian Sea who had very high rig rates due to being in a difficult and remote area. Using RFID, on each well we reduced completion costs by $300,000, saving the client $5.1 million over the campaign.
Our newest technology, the TerraForm® open hole packer system, has the ability to fundamentally change offshore completion philosophy by eliminating the need to case and cement the wellbore across the reservoir. By moving to open hole completion, we can help operators save $20-$30 million per well in equipment and operating costs.
$20-$30m Saving per well in equipment and operation cost.