TRONDHEIM, Norway, July 12, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Weatherford International Ltd. (NYSE: WFT) today announced that it has signed a three-year Technology Development Cooperation Agreement with Statoil ASA to develop new fiber-optic based sensing and communication systems to extend the life of oil and gas fields.
This agreement is part of the ongoing Statoil Subsea Increased Oil Recovery (SIOR) initiative, which aims to increase oil recovery and accelerate daily production rates.
The primary goal of the project is to provide and deliver reservoir, wellbore and subsea data to shore through an integrated fiber-optic communications network. The two companies will focus on both the development of new downhole optical sensing systems and an integrated fiber-optic subsea communication system. The agreement also calls for field testing in both existing Statoil "brown field" as well as new "green field" assets. Statoil will identify and execute pilots on the Norwegian continental shelf where new technologies will be tested and deployed.
"The goal of the project is to develop smart sensors and subsea communication infrastructure to improve our overall reservoir and production management. This is the latest in a series of collaborative development projects involving Statoil and Weatherford, and will build on the past successes shared by the two companies," said Rolf H. Utseth, vice president of research and technology, Subsea Increased Oil Recovery, Statoil.
The communication infrastructure will enable Statoil to implement an entire range of new solutions that require a high and secure bandwidth. Weatherford has reached agreements with both FMC Kongsberg Subsea and Nexans Norway to work on this communication system initiative.
Dharmesh Mehta, vice president of production optimization for Weatherford stated, "This project allows Weatherford to further increase its optical sensing portfolio plus integrate all of these sensors into a new generation subsea communications architecture. Given the projected growth of the subsea segment in our industry, the timing of this joint development project is strategically very important for all the participants. The role it plays in delivering the digital oilfield vision -- shared by so many in our industry -- is very transparent."
Norwegian-based Statoil is an integrated oil and gas company represented in 33 countries with approximately 25,644 employees. Statoil is engaged in exploration and production activities in 15 of the aforementioned countries.
Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs more than 29,000 people worldwide.
Contact:
Investors
Lisa Rodriguez +1.713.693.4746
Media
Christine Welsh +1.713.386.8989
SOURCE Weatherford International Ltd.
investors, Lisa Rodriguez, +1-713-693-4746, or media, Christine Welsh,
+1-713-386-8989, both of Weatherford International Ltd.
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