Weatherford International Ltd (NYSE:WFT) In An Agreement To Reduce The Energy Cost In The Oilfields

Boston, MA 05/28/2014 (wallstreetpr) –  Weatherford International Ltd (NYSE:WFT), one of the leading multinational oilfield services company s provides innovative solutions and technological services to the gas and oil industry across 100 nations worldwide. On May 14, 2014 the company singed a global agreement with TechnoWise.

Agreement between Weatherford and TechnoWise:

The TechnoWise Group had made a global distribution agreement with Weatherford International Ltd (NYSE:WFT), which will entirely promote as well as sell motor controllers of MotorWise in oilfield applications. The MotorWise controllers offer intelligent control of power to AC electric motors, which is used in pumping units. The real-time control of power in pumping units checks the massive consumption of energy in the oilfields.

The system is embedded with the ultra-new DSP (Digital Signal Processing) energy management technology. This very technology minimizes or even eliminates unused as well as wasted power used by the pumping unit with no disturbance in the function of the pumping system. Technically speaking, the operator can downsize the use of power consumption significantly during every pump stroke.

The comments of TechnoWise’s CEO:

The Chairman and Chief Executive Officer of TechnoWise, Rafael Zaga, commented that the agreement allows the oil company to enhance the oilfield operations and ensure a long lifespan of the pumping system. Besides, it allows the company to achieve more return on the investment.

Vice President of Weatherford says:

At a lower maintenance cost, the MotorWise motor controller can cut down 15% to 25% to electrical cost, the CEO reported. He also added that the unique technology would help Weatherford International Ltd (NYSE:WFT) to save a huge amount of energy cost. The Vice president of Production of Weatherford, Ernest L. Dunn mentioned in his speech that the MotorWise motor controller will balance to optimize the artificial lift of the company.

The partnership is a part of strategic tactic of Weatherford International Ltd (NYSE:WFT), especially to optimize the production and squeeze the electrical cost. However, it is believed that the energy conservation business will help Weatherford to achieve its target.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.

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