Page 39 - Danish Offshore Industry 2016

MORE OIL FROM THE SAME WELLS During this period of unprecedented declines in oil and gas prices, Welltec has risen to become the preferred supplier to the industry. The commodity price changes have forced operators to become focused on producing more from existing felds, deferring the high costs of exploring for and drilling new wells. This has opened up wider and broader discussions on how to apply new technology to improve total oil feld performance. Taking technology to the limit has been a guiding prin- ciple for Welltec since Jørgen Hallundbæk founded the company more than 20 years ago. Today the company is a global provider with more than 50 locations on all continents where oil is being produced. Welltec’s power of innovation has accelerated not only the development of new solutions, but also the value of the company. In the fall of 2015, new foreign investors invested in the company, and are now taking part in developing the company along the lines set from the very start. “Our ownership is focused on the long-term horizon. We have a common agenda and believe in the future. Even if the transformation of the oil industry will probably suffer a short term set-back, we are in it for the long run, and we share a passion for technology, explains Jørgen Hallundbæk, who is confdent that Welltec’s solutions have an even higher relevance for oil companies when the oil price is low. “Right now, our solutions are still being requested even when other suppliers are being cut away to save cost. Realizing the full potential of our technology may require new approaches on how to operate as an oil company, but the impact is signifcantly improved returns,” says Jørgen. A simple comparison to what Welltec does can be made by looking at the evolution of medical surgery. “Histori- cally, a large incision was made and the surgery took place with scalpel, scissors and a saw, relatively cheap equipment. Today, however, most operations can be performed using ‘keyhole surgery’ where the surgeon performs the operation through a very small opening using small, precise instruments. This results in many ben- efts, including reducing the risk of infection, minimizing Jørgen Hallundbæk, CEO the damage to surrounding tissues, speeding up the ▲ 37 / MORE OIL FROM THE SAME WELLS