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Analysis

Customized Well Intervention Solutions

Tue, 01/22/2013 - 14:32

When Welltec was created in the 1990s, the company offered a well intervention solution called Well Tractor, which, according to Reinaldo Maldonado, the company’s Vice President for Latin America, revolutionized the well intervention business. However, in 2003 the product was improved and modernized, allowing Welltec to replace traditional technologies used at conventional wells with more reliable and efficient technologies across the Latin American oil and gas markets.

Welltec has been so successful in Latin American markets not only because of its experience working with NOCs and implementing its Well Conveyance and Well Intervention solutions, but also because it offers a service that is customized to the specific needs of its clients. “One of our competitive advantages is that we do not simply create technology and find clients that are interested in it; rather, we focus on analyzing our clients’ needs, adapting our technology to offer customized solutions,” Maldonando says.

Welltec began working for Pemex focusing on well maintenance, but with time the company has been able to offer a wider range of technologies and services. “We have recently developed, in conjunction with Pemex, a new well intervention technology that has replaced flexible pipelines and allowed Pemex to optimize offshore well operation times, which represents a large return on investment,” explains Maldonando. By following this strategy of replacing conventional technologies, such as flexible pipelines, with simpler, cheaper, more efficient, reliable technologies, Maldonado believes the company will be able to compete in a crowded and competitive market. “Welltec will continue to grow inorganically, independently of the organic growth of the market, because our technologies, regardless of the current state of the industry, will always be needed because of their adaptability and proven success,” he emphasizes.

While Welltec is an international company with over 900 employees, it is not the only company able to offer well intervention solutions to Pemex and other Latin American oil companies. However, Maldonado believes Welltec’s size – which he considers to be small to medium – offers a great competitive advantage because when companies acquire other companies and grow too fast they may become so large and rigid that they lose their ability to respond to time-sensitive issues. “In an industry such as the oil industry, reaction speed and awareness to various issues is a key aspect of success; therefore, due to our size and ability to adapt accordingly, we are able to deliver customized and timely services to our clients throughout the world,” he adds.