Romgaz Co. has signed an eight-year contract with Weatherford International to implement a digital real-time monitoring system for well parameters, the Romanian natural gas producer announced in a press release.
This initiative marks a first for Romgaz and reflects the company's commitment to accelerating the digital transformation and automation of production, in line with its strategic objectives, the document states.
The technological solution provided by Weatherford will allow the collection and transmission of critical data from thousands of wells, contributing to optimizing production, increasing operational efficiency and improving decision-making through the use of cloud-based technologies and artificial intelligence.
"The collaboration with Weatherford marks a significant milestone in Romgaz's digital transformation. It is the first time we are implementing real-time monitoring technologies that will provide us with concrete data, essential for streamlining operations. This project aligns with our strategy of innovation and preparation for the future," said Razvan Popescu, Romgaz's CEO, quoted in the press release.
The contract provides for the implementation of a digital monitoring campaign in existing locations, leveraging the automated infrastructure provided by Weatherford. The systems will provide continuous visibility into well conditions, facilitating rapid interventions and increasing the reliability of operations.
"We are proud to support Romgaz in its first use of real-time monitoring services. With our technology and expertise, and recent investments in Romania, Weatherford is well positioned to support Romgaz in optimizing its production and developing solutions that facilitate smarter and more reliable operations," said Girish K. Saligram, President and CEO of Weatherford.
Romgaz is the largest producer and main supplier of natural gas in Romania. The company is listed on the Bucharest Stock Exchange (BVB) and its main shareholder is the Romanian state, with a 70% stake. In 2013, Romgaz expanded its scope of activity by acquiring the Iernut thermoelectric power plant, thus becoming a producer and supplier of electricity.
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