Welltech
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| Industry | Oilfield Services |
|---|---|
| Founded | 1994 |
| Founder | Jørgen Hallundbæk |
| Headquarters | Allerød, Denmark |
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Key people
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Jørgen Hallundbæk (CEO), |
| Revenue | DKK 2 billion |
| Website | [1] |
Welltec is an international provider of robotic well solutions for the oil and gas industry. The company's flagship is the “Well Tractor”, a remote-controlled device that is able to convey other intervention tools and perform operations on wireline. The Well Tractor enables operators to run operations on wireline in the entire length of horizontal and highly deviated wells. With the ability to reach the end of these well types, recoverable reserves are increased.
Services range from logging and perforation to mechanical services such as plug pulling/setting, valve manipulation, clean-up, milling and many more.
The company was established in 1994; today the company has established over 45 offices worldwide and employs more than 1,000 people.
Jørgen Hallundbæk, the founder and CEO of Welltec, conceived the idea behind the Well Tractor while he was a graduate student at the Technical University of Denmark. The idea consisted of eliminating the large and expensive amounts of equipment needed for conveying tools and performing interventions in oil and gas wells. The Well Tractor enabled operators to reach the horizontal part of oil and gas wells and getting past the deviated sections using standard electrical wireline. Generally, wells are considered deviated when they reach an inclination higher than 60°. Previously, interventions in horizontal and deviated wells were considered a lengthy and costly process.
New technology in the oil and gas industry is not readily accepted due to the costs of failure. The multinational oil company Shell has estimated that new technology requires 20–30 years to achieve broad acceptance [2]. The Well Tractor performed its first job in 1996, an operation that took place in the North Sea offshore Norway [3].
In 2003 the company went from being a sub contractor to other service companies to being a direct contractor to the operators.
Today, Welltec has more than 45 offices and service facilities worldwide including Headquarters located in Allerød, Denmark.
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Wikipedia