Columbia - Production and Wells As many of us do not consider Columbia as a major oil producer, it is exactly the customer Wavefront needs.... and Wavefront is exactly what Columbia and Weatherford needs.
Columbia's oil production has dropped.
"For July 2020 data from the central government’s statistical agency, DANE, showed petroleum was responsible for 25%, or $630 billion, of exports by value. This represents a steep 51% decline in the value of petroleum and derivative products which can be blamed on sharply lower oil production and substantially weaker prices. " https://oilprice.com/Energy/Energy-General/Colombias-Oil-Industry-Is-Showing-Signs-Of-Recovery.html
In 2019 Weatherford signed a 5 year contract with Columbia to increase production. As per the following Weatherford News realease...there are OVER 3000 wells.
Weatherford Awarded Contract with Colombia, South America Operator
3,000 Wells Scheduled to Migrate to Weatherford's ForeSite® Production Optimization Technology
BAAR, Switzerland, July 24, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK: WFTIQ) (the "Company" or "Weatherford") has announced a contract win with a Colombia, South America operator to migrate seven LOWIS® sites (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.
Wavefront tools are shipped to the site, stocked, installed, operated and maintained by Weatherford. With 3000 wells in mature fields that are struggling with production, there should be multiple tools and stimulations daily. The words 'Challenging Fields" says a lot about Wavefronts technology.
Also Wavefront already has a "Positive Track Record in Columbia" and as stated..Wavefront expects to receive 'Similar Orders' with 3 years remaining on Weatherfords contract.
3000 difficult stimulations...WEE gets a minimum of 1000 stims, X $00,000.00 per stim.
Wavefront appears to now form part of Weatherfords ForeSite® Production Optimization Software Platform. Althought thats does says buyout in the future...for now...Weatherford is in 90 countries and Secondary Oil Recovery is on everyones plate right now.
Its the Perfect Storm for Wavefront and its technology.
GLTA