Houston, United States and Stavanger, Norway
WellDynamics, the leading provider of intelligent completion technology to the upstream oil and gas industry, announced today that its Norwegian office, WellDynamics Norge a.s., has been awarded a framework agreement by Norsk Hydro Produksjon a.s. (Hydro), one of the world's largest offshore oil companies, to provide and implement SmartWell(R) intelligent completion technology in three of Hydro's North Sea fields. WellDynamics will also provide associated services under terms of the agreement, which is valued at approximately NOK 540 million over a contract period of up to 7.5 years.
The project, set to begin immediately, is targeted at implementing WellDynamics' intelligent completion systems in Hydro's Grane, Oseberg and Brage fields.
"We are delighted to extend our longstanding relationship with Hydro in this important project," said Phil Longorio, WellDynamics' CEO and president. "We look forward to contributing to Hydro's future success with SmartWell completions designed to improve reservoir control and increase ultimate recovery."
Hydro, a world leader in implementing multilateral well technology, has drilled wells with as many as six branches in the North Sea. The advanced completion solutions contemplated in the new agreement will allow the company to steer the well stream from the individual branches within a single well.
"This is extremely important technology for the Norwegian continental shelf, and for maintaining production levels in the years ahead," says Hydro.
WellDynamics' intelligent completion technology includes solutions for subsurface flow control, zonal isolation, and real-time monitoring and control from surface facilities.
About WellDynamics
WellDynamics, a joint venture company of Halliburton Energy Services and Shell Technology Ventures Fund 1 B.V. (managed by Kenda Capital B.V.), is the world's leading provider of intelligent completion technology to the upstream oil industry. WellDynamics' SmartWell technology, introduced in 1997, was the industry's first intelligent well completion system. Today, the company offers a broad complement of products and services that range from reservoir engineering studies to advanced completion design, zonal isolation and flow control, reservoir monitoring and surface digital infrastructure solutions. WellDynamics operates offices around the globe. Its Norwegian office, which houses both operations and manufacturing facilities, is based in Stavanger.
Visit the WellDynamics website at www.welldynamics.com.
About Hydro
Hydro is the one of the world's largest offshore oil companies, operating 13 oil and gas installations. Hydro produced 563.000 barrels of oil equivalents per day in 2005.
Source: Business Wire (Business Wire India)