Welltec has announced a strategic partnership and partial acquisition of Innowell Solutions AS — a prominent provider of inflow control technology for oil and gas completions and installations.
Innowell Solutions AS is renowned for its pioneering Density Activated Recovery (DAR) technology, which autonomously manages oil, gas, and water flow based on density differences.
This technology complements Welltec’s existing completion portfolio, particularly its metal expandable packer technology, creating a unique value proposition for the completions market.
Welltec Chief Commercial Officer Tommy Eikeland highlighted the company’s significant growth in the completions segment, which now accounts for 25 per cent of its revenue stream.
“Joining forces with Innowell empowers us to address the complex challenges faced by our clients with even more precision and innovation. This move is a testament to our commitment to leading the industry forward, leveraging technology to ensure sustainable and efficient energy production,” said Welltec VP of Completions Wai Hoe Chum.
The partnership with Innowell will enable Welltec to offer a full portfolio in the lower completions domain, enhancing its value offering and commitment to optimising productivity in the oil and gas industry.
DAR technology is designed to control water and gas ingress with minimal pressure drop, improving both productivity and recovery in wells.
The integration of this technology into Welltec’s portfolio is said to underscore the company’s dedication to addressing complex challenges faced by its clients with precision and innovation.
Innowell Solutions AS Chairman Torger Skillingstad expressed excitement about the partnership, noting that partnering with Welltec aligns with their goal of delivering a new standard in controlling fluids entering the wellbore autonomously.
“Partnering with Welltec, well-known for its innovative and high-quality product offerings, is an excellent fit in terms of our most ambitious goal to deliver a new standard in how we can control the fluids entering into the wellbore, autonomously.
“Our shared vision for improved recovery, enhancing well integrity and performance through cutting-edge technology makes this partnership a natural fit.
“Together, we will set new standards for excellence and innovation in the energy sector,” said Skillingstad.
