The Oilfield Services (OFS) business lowers the cost per barrel of oil equivalent for the life of a well by improving well efficiency, optimizing production and increasing ultimate recovery.
The OFS team draws on industry expertise, advanced digital and analytical tools, and a leading portfolio of technology and services to maximize value across all assets. Starting with an in-depth understanding of the reservoir and surrounding subsurface environments, we apply advanced drilling and evaluation technologies to drill and place wells in the most productive zones. We leverage our broad completions portfolio to ensure well integrity and reservoir connectivity. We also improve initial and long-term production with artificial lift and chemical solutions.
POSITIONED TO WIN
In 2017, OFS saw solid growth driven by our well construction and production businesses. We are continuing to drive growth and operational improvements with a focus on three areas: introducing new business models to expand our presence in key markets including North America and the Middle East, applying product innovations that embrace digital capabilities and partnerships, and emphasizing integrated commercial operations and cross-product-line solutions.
For example, by integrating our drilling and completions technologies and deep domain expertise, we drilled a record number of wells and increased our footage drilled per well in 2017. The AutoTrak™ Curve rotary steerable system, Talon™ high-efficiency drill bit, tailored drilling fluids technology and enhanced solids removal techniques helped customers in the Northeast U.S. achieve at least 5,280 feet per day for 115 days by year end.
We are also leveraging new digital capabilities and predictive data analytics to enhance reservoir modeling and optimize operational processes. With the backdrop of an improving market, OFS’ leading technology with expanded digital capabilities will position this business for growth.
PRODUCT AND SERVICE PORTFOLIO
Drilling and Completion Fluids
Completion and Well Intervention
International Pressure Pumping