Weatherford International Plc revealed on April 21 that its Vero automated connection integrity has successfully completed 100 runs and 33,000 tubular connections in operations worldwide since its market debut. Vero applies artificial intelligence (AI) to minimize safety risks and validate well integrity from the wellhead to total depth.
Since its launch in November 2018, Vero has delivered measurable value to producers around the globe, the company said.
Some notable real-world results include that the system pulled the completion string in two wells and enabled 75% more pipe to be re-used than benchmark after automating the connection breakout process offshore Qatar; made up more than 1,200 completion connections while achieving a record run rate in the North Sea; ran seven completions with more than 2,900 connections and zero connection damage offshore Azerbaijan; saved 24 hours of rig time on more than 1,000 connections with zero damaged in completions for three wells in Argentina; improved previous mechanized operational performance by 15%, resulting in the fastest liner-running operation on that rig in four years in Norway; and eliminated more than 10,000 hours of personnel exposure to rig floor safety risks globally.
“Vero is the most disruptive technology ever introduced in the tubular running space and operators around the world are taking notice and benefitting from the exceptional value,” Dean Bell, president, drilling, evaluation and intervention at Weatherford, said. “By replacing the inherent flaws of human judgment with AutoMakeup and AutoEvaluate technologies, Vero goes beyond tubular running to help operators build wells that last a lifetime.”
By applying AI 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 safety risks, and protect corporate reputation.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
The Alta Mesa transaction represents the sixth acquisition by partnerships between Tom Ward-led Mach Resources and private equity firm Bayou City Energy Management.
Jay Graham is back after the successful sale of WildHorse Resource Development to Chesapeake Energy with a new venture—this time in the Permian Basin.