Weatherford International Plc said Aug. 15 that its Vero automated connection integrity system, which applies artificial intelligence to validate well integrity with absolute certainty and minimize safety risks, has completed 15,000 tubular connections in 50 operations worldwide since its market debut.
In less than two years, Vero has delivered value to producers around the globe, for example, Kazakhstan used it to run multiple jobs per month for an operator with zero nonproductive time while consistently improving efficiency and removing personnel from the rig floor; in the UAE offshore operations achieved a 30% increase in running speeds and zero rejected joints on multiple jobs; in Norway it improved previous mechanized operational performance by 15%, resulting in the fastest liner-running operation on that rig in four years.
Also, in Qatar the operator asked for the system by name when it needed to pull and re-run a completion. Weatherford is currently running a third commercial operation for the operator.
By applying artificial intelligence at every stage from pipe manufacturing to well installation, Vero improves connection make-up efficiency and eliminates the inevitable errors associated with human judgement during the connection process. In doing so, the solution can minimize the chance of catastrophic well failures associated with poorly made-up connections, significantly reduce the total cost of well ownership, minimize personnel safety risks, and protect corporate reputation.
“The future for Vero is very bright,” Dean Bell, president of well construction for Weatherford, said. “There is no debate. Vero is the most disruptive technology ever introduced in the tubular running space and operators are taking notice. Vero is now being engaged in most major offshore and onshore markets around the world, with its first-ever U.S. operation scheduled to begin this fall in the Gulf of Mexico. Vero goes beyond tubular running to help our customers build wells that last a lifetime.”
Eagle Ford operators east of the San Marcos Arch are getting analysts’ attention. One has seen its stock jump 117% this year. Another said of this side of the downturn, “Now is the fun time.” Here’s the outlook from these Eagle Ford pure players.
The Denver-based independent Sundance typifies the new Eagle Ford narrative where technically astute private equity-backed younger management teams are revitalizing the play.
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.