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Anyone have any info on WFT Mazeflo technology it partnered with XOM

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December 31, 2009 – Comments (0) | RELATED TICKERS: WFT , XOM , BP

to commercialize the technology earlier this year. Just wondering why director at WFT bought $1.6M worth of shares 4 weeks ago.

ExxonMobil and Weatherford Sign Joint Development Agreement for Commercialization of Unique MazeFloTM Sand Control Technology

IRVING, Texas--(BUSINESS WIRE1)--Exxon Mobil Corporation announced today that it has entered into a Joint Development Agreement with Weatherford International Ltd. to develop and commercialize a new completion technology called MazeFloTM, designed to mitigate sand production risk in a broad range of applications.

“Sand production continues to be an industry focus area due to the impact of unwanted sand on well integrity and production”

Under terms of the agreement, Houston-based ExxonMobil Upstream Research Company and Weatherford will work together to commercialize ExxonMobil’s patented sand control technology that utilizes multiple screens and compartment baffles to improve well reliability and longevity. The new technology is designed to selectively limit sand production from problematic intervals, while maintaining full production from others.

"Sand production continues to be an industry focus area due to the impact of unwanted sand on well integrity and production," said Stephen M. Cassiani, president of ExxonMobil Upstream Research Company. "MazeFlo is an innovative and reliable sand control technology designed to mitigate sand production risk in clastic reservoirs. We are confident our collaboration with Weatherford will ensure both the manufacturing quality and the timely commercialization of our new technology."

The agreement with Weatherford covers design, engineering and manufacturing of prototype sand screens to address common industry challenges such as sand retention, mechanical integrity and quality control. MazeFlo is applicable in both onshore and offshore wells, and will complement ExxonMobil's broad suite of industry-leading completion technologies.

About ExxonMobil Upstream Research Company

ExxonMobil Upstream Research Company is the Upstream research affiliate of Exxon Mobil Corporation (NYSE:XOM), a leading global oil, natural gas, and petrochemicals company with operations in nearly 200 countries and territories worldwide. ExxonMobil Upstream Research Company is charged with developing an industry-leading array of proprietary technologies that support the Corporation's continued leadership position in exploration, development, production and gas commercialization.

CAUTIONARY STATEMENT: Business plans discussed in this release are forward-looking statements. Actual future results, including the commercialization of new technology, could differ materially due to technological developments; technical or operating factors; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" on the "Investors" section of our website at www.exxonmobil.com2.

 

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