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Landmark and WellDynamics Form Relationship to Advance Reality of Digital Asset

Source: www.gulfoilandgas.com 9/26/2006, Location: North America

Landmark and WellDynamics Inc. are jointly developing the oil and gas industry's first integrated, model-based solutions for closed-loop optimization of intelligent wells. These solutions will enable customers to execute decisions based on real-time well data and advanced models that monitor, forecast, and optimize well behavior and production for individual wells and across entire gathering networks.

Combining WellDynamics' market-leading SmartWell(R) intelligent well technology and Landmark's innovative DecisionSpace(R) for Production real-time model-centric software, the solutions willprovide customers with the collaborative decision-making environment needed to:

  • Implement a proactive optimization strategy
  • Resolve conflicting objectives by integrating downhole flow control and monitoring data with predictive reservoir and well models
  • Manage complex recovery methods such as chemical flooding, miscible displacement and thermal recovery

    "WellDynamics gives our users unprecedented control of what happens below the surface. Our joint solutions with Landmark will give them information they need to use our tools and systems to controltheir wells and to meet their goals, regardless of whether they are focused on net present value, ultimate recovery or short term production," said Derek Mathieson, vice president, Technology andMarketing, WellDynamics.

    Doug Meikle, vice president of Landmark and Project Management, said, "This relationship offers a significant new component of the digital asset. Our customers can build models of the entire valuechain for an asset, but without the ability to control what happens downhole, this knowledge cannot be fully leveraged. With the combination of the two technologies our users will get not only theknowledge they need, but also the ability to act on it."

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