Wednesday, March 03, 2010
Weatherford International Ltd. (NYSE:WFT) today announced the acquisition of OilTracers LLC, a company dedicated to providing the petroleum industry with "Charge Risk" evaluation of individual prospects as well as solving field development challenges through integration of petroleum geochemistry, geology and engineering data. OilTracers' premier offerings include a proprietary tool which provides quantitative allocation of commingled production - considered the current gold standard in the industry.
This acquisition is Weatherford's latest addition to the company's U.S. Fluid Services Group within Weatherford Laboratories. Prior acquisitions include ACS Laboratories out of Australia, Houston-based companies Baseline Resolution, OMNI Laboratories, and Humble Geochemical, TICORA and Tesseract of Denver, Colorado, Rotary Labs in Midland Texas, Hycal in Calgary, Canada and ResLab, headquartered in Norway. Weatherford Labs currently has 38 laboratory locations in 19 countries.
"We are very excited about the addition of this dynamic company into our Weatherford Labs team", said Chris Bechtel, the group's Vice President. "By combining OilTracers' industry-leading interpretive methodologies with our current expertise in geochemistry, we bring the creativity necessary for complex problem solving together with the precision necessary for the mitigation of risk".
"We are very pleased to be joining Weatherford Laboratories and its outstanding group of scientists and analysts," said Dr. Mark McCaffrey, President of OilTracers LLC. "Geochemistry is one of the most dynamic disciplines in the petroleum industry today. In the morning we are working an exploration challenge and in the afternoon we are reducing costs associated with production monitoring. We are extremely pleased to be joining an organization that is dedicated to solving problems and so eager to leverage our expertise around the world."
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 worldwide.
