Weatherford International announced the commercial release of its ForeSite production optimization platform at its annual Weatherford Enterprise Software Conference. The ForeSite platform combines physics-based models with advanced data analytics to improve performance across wells, reservoirs, and surface facilities.
The company said this product release is the first in a series of integrated software offerings that will combine Weatherford production optimization technologies with the Internet of Things, cloud computing, and advanced analytics to enable complete asset management. The ForeSite platform initially focuses on improving the management of wells with rod-lift systems and will later extend to all forms of lift, as well as management and optimization at the reservoir and surface-facility levels.
The platform aims to harness data from every corner of the asset to improve visibility and predictability, which will allow operators to make better asset-management decisions that maximize production while reducing cost per barrel, the company said. The software will allow operators to predict failures to maximize uptime, reduce costs with predictive analytics, and design the optimal lift solution during every stage of the life of the well.