HOUSTON, March 3, 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 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.