A new and exciting chapter in the emerging energy sector is about to begin in Cyprus. Weatherford International Ltd., a leader in the oil and gas services industry is to open a manufacturing and service facility in Cyprus with an initial investment of USD 27 million. Building and commissioning work is currently under way in the Industrial Free Zone in Larnaca, in the south east coast of Cyprus, where the facility is located. Weatherford International Ltd., listed on the the New York Stock Exchange, (NYSE:WFT) and based in Houston, Texas in the United States, is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs more than 40,000 people worldwide. The manufacturing business will produce Expandable Sand Screens (ESS®) completion equipment as part of the Well Screen Technologies group. This technology can deliver step-change sand control devices that reduce costs and improve production. The system aids productivity because it stabilizes the wellbore, prevents sand migration and has a larger inner diameter promoting improved ultimate recovery of oil and gas.
The predominant markets served from Cyprus will be in the Caspian, Middle East, North and West Africa and latterly Europe including Scandinavia. Initially and predominantly, countries served are anticipated to be Saudi Arabia, Azerbaijan, Libya, Algeria and Egypt. The clients are a mixture of International and National Oil Companies. “Cyprus is strategically located between North Africa and the Middle East. This location allows for more rapid deployment of our technology to oil producing nations such as Saudi Arabia and those in West Africa. Cyprus is an ideal location to further extend Weatherford’s production capacity globally while meeting the needs of its clients in an increasingly efficient manner” commented Gary Smart, Vice President of Weatherford’s Well Screen Technologies business unit. Weatherford is not new to establishing a new presence in a new country and contributing to the growth of local talent. Initially the facility in Larnaca will create over 30 new jobs in technical and manufacturing roles. Over time, the job growth is expected to grow to 70 jobs. Weatheford is committed to building local capacity through comprehensive training and leadership programs. The official opening of the plant at the Larnaca Free Zone is expected in early November 2008. The decision to locate in Cyprus came after researching nine potential locations across a variety of criteria to ensure selection was optimized to the current and future needs of the Well Screen Technologies group.
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