Weatherford Awarded Digital Oilfield Project in Kuwait

Rhea-AI Summary

Weatherford International (NASDAQ: WFRD) has been awarded a three-year digital oilfield contract by Kuwait Oil Company to enhance its digital transformation strategy in North Kuwait's Heavy Oil field. The contract includes real-time monitoring and production optimization solutions, enabling KOC to improve production and workover plans. Weatherford's ForeSite platform will utilize advanced analytics and AI to optimize production performance, offering insights for reservoir and facility management. This strategic partnership aims to maximize KOC’s operational efficiency.

Positive

• Awarded a three-year digital oilfield contract by Kuwait Oil Company.
• Contract includes advanced solutions for real-time monitoring and production optimization.
• ForeSite platform utilizes AI and advanced analytics to enhance production efficiency.

Negative

• None.

HOUSTON, Dec. 1, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced it was awarded a three-year digital oilfield contract from one of the digital leaders in the upstream industry, Kuwait Oil Company ("KOC"), aiming to support its digital transformation strategy in North Kuwait Heavy Oil field and for deploying its Integrated Enterprise Excellence Platform across KOC. The award also includes instrumentation, real-time monitoring, and production optimization and assurance of wells to enable KOC to optimize its production and workover plans.

The project scope will support KOC in performing heavy oil wells analysis, model tuning, well design, asset optimization, surveillance and forecasting, and integrating with different E&P applications. Weatherford will also deploy integrated planning and optimization solutions from the reservoir to export facilities at KOC's corporate level. In addition, the integrated solution will allow KOC to leverage the full value of its existing KwIDF systems while the Integrated Enterprise Excellence Platform will enhance efficiency and support KPI tracking.

Supporting these value drivers is the Weatherford ForeSite production optimization platform, which delivers insight that enhances production, maximizes uptime, and improves personnel efficiency. Leveraging advanced analytics, artificial intelligence and machine learning, the platform synthesizes data from across the operator's business to help find and prioritize production-uplift opportunities, identify bottlenecks, detect and predict failures, plan and execute workovers. These capabilities continuously improve production performance for wells, reservoirs, and surface facilities.

About Weatherford
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.

Contacts

For Media:
Kelley Hughes
Director Global Communications
+1 713-836-4093
kelley.hughes@weatherford.com

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SOURCE Weatherford International plc

FAQ

What contract was awarded to Weatherford on December 1, 2021?

Weatherford was awarded a three-year digital oilfield contract by Kuwait Oil Company.

How will the digital oilfield contract benefit Kuwait Oil Company?

The contract will support KOC's digital transformation strategy and improve production and workover plans.

What technology will Weatherford use in the Kuwait project?

Weatherford will use its ForeSite platform, which leverages AI and advanced analytics.

What is the main focus of the contract awarded to Weatherford?

The main focus is to optimize production and enhance efficiency in the North Kuwait Heavy Oil field.

What is Weatherford's stock symbol?

Weatherford's stock symbol is WFRD.