An integrated completion solution by Weatherford International Plc in the Santos Basin offshore Brazil established three deepwater firsts, the Houston-based oilfield service provider said in an April 14 release.
According to the release, Weatherford developed the integrated completion solution to install downhole equipment for an operator offshore Brazil, saving the operator 27.5 hours of deepwater rig time.
“A deepwater challenge is the ultimate equation of time equals money and Weatherford saved this operator more than 27 hours of rig time,” said Brent Baumann, president of completions and production at Weatherford. “RFID technology enabled Weatherford’s Optibarrier™, Optimax™ and OptiValve™ to seamlessly work together and successfully complete the job in one-fifth the time it would have taken using competitors’ equipment.”
The RFID Optibarrier valve required 2.5 hours to fully open to access the formation. Compared to valves from Weatherford competitors, which can take 12 hours to open, the Weatherford valve saved at least 9.5 hours, the release said.
A unique assembly process enabled the tubing hanger assembly to be rigged up and tested in the workshop, saving at least six hours of rig time. The OptiValve tubing isolation valve facilitated production tree installation without requiring slickline intervention, saving 12 hours of rig time.
In conjunction with the retirement of CFO Don E. Wallette Jr., ConocoPhillips also said William (Bill) L. Bullock Jr. had been named as Wallette’s replacement.
Kayne Anderson will consolidate its two energy private equity teams and one of the managing partners, Chuck Yates, will exit the firm, a source familiar with the matter told Reuters.
We have to bet on pent-up demand. The recovery appears to be ‘V-shaped’ in most markets. We hope to see that in the energy world as well.