Weatherford wins Colombian 3,000 well production optimization contract

BAAR, SWITZERLAND - Weatherford announced a contract win with a Colombia, South America operator to migrate seven LOWIS sites, comprising 3,000 wells, to the Company's ForeSite Production Optimization software platform. Under the newly signed contract, the company will provide all maintenance and services for the software platform for five years, as well as all technical and production services required to allow Production Performance Management. The contract also provides for migrating the operator's remaining major and minor fields to ForeSite.  

Weatherford's production optimization technology extends from the wellbore to the point of sale, encompassing asset-management workflows for the life of any well, from natural flow to all forms of artificial lift in addition to hydrocarbon flow in pipelines and surface facilities. ForeSite is the industry's only enterprise-level production optimization platform.

Previously, the operator utilized LOWIS, a standard well monitoring and lift optimization application. The operator decided to expand its current engagement with Weatherford to also include the Company's industry-leading production optimization technology. Weatherford software has proven itself in some of the most challenging fields around the world as a production optimization platform that empowers producers to realize field-wide intelligence to maximize production. The operator will deploy Weatherford's ForeSite production optimization technology to transform their data into performance and allow them to monetize that data.