In 2017, as a reflection of the changes throughout the industry, we worked to redefine Weatherford as more than a service provider by establishing problem-solving partnerships with our customers.
Rather than presenting operators with a menu of tools and services for their consideration, our sales team now meets with customers about overall challenges and designs optimized solutions based on their needs. These solutions leverage the fundamental strengths of our portfolio and draw on synergies among products and services in different areas of the business.
Weatherford pioneered the use of RFID technology in downhole tools, and we continue to apply the technology in new ways to enable greater flexibility in drilling, cementing, and completion operations.
Our latest technologies exemplify how we are embracing the industry’s digital transformation. We recognize that this is a new era for the oil and gas industry, and we need to look beyond what has worked in the past. This means embracing automation and digitalization, including principles such as the Internet of Things, Big Data, and Machine Learning.
Drawing on our expertise as a leader and innovator in unconventional production, we are the only service company to offer integrated life-of-asset artificial lift systems. Our customized, optimized solutions can be applied to maximize production in any unconventional field, from the Permian Basin to the Kingdom.
The phrase “total cost of ownership” was omnipresent throughout the industry in 2017. One of the best ways to reduce total cost of ownership is by taking proactive steps to assure well integrity. Weatherford’s portfolio of well construction, completion, and intervention services enables us to design comprehensive well integrity programs that reduce costs in the short and long term.
When Weatherford entered the offshore completions market, we decided to take a different approach than other companies. Rather than adapting old technologies for new applications, we’ve created an extensive portfolio of modern completion technologies for today’s complex deepwater wells.
While the process of getting a well to initial production follows a fairly standard sequence—drilling, evaluation, completion—restoring lost production can involve a wide variety of products and services deployed in innovative ways. Our rigless production restoration solutions use an integrated approach to find and fix common production problems, as well as to identify and produce additional reserves.