Valve assembly for wellbore equipment

A float collar comprising:

• a body configured to be attached to a tubular string;
• and
• a valve assembly positioned within the body, the valve assembly including:
• a housing attached to an interior surface of the body;
• a flapper attached to the housing and adjustable between an open position and a closed position;
• a tubular releasably connected to the housing, a downstream portion holding the flapper in the open position;
• an upstream barrier attached to the tubular;
• a downstream barrier attached to the tubular;
• a tubular plug located within the tubular and movable between the upstream and downstream barriers, the upstream and downstream barriers positioned to prevent removal of the tubular plug from the tubular;
• a first fluid bypass configured to allow flow around the tubular plug when the tubular plug is engaged with the downstream barrier;
• and
• a second fluid bypass configured to allow flow around the tubular plug when the tubular plug is engaged with the upstream barrier;
• wherein the float collar is configured to enable fluid to flow through the tubular and into the tubular string while the tubular string is being run into a well;
• and
• wherein the flapper is configured to move from the open position to the closed position after the tubular is released from the housing.

A method of converting a valve assembly, the method comprising:

• running a tubular string into a well, the tubular string having a float collar attached to a bottom end thereof, the valve assembly being oriented within the float collar and including a housing;
• retaining the valve assembly in an open position using a valve tubular releasably attached to the housing and allowing the closure of the valve assembly after the valve tubular is released from the housing, wherein a tubular plug is located within the valve tubular and an upstream barrier and a downstream barrier are connected to the valve tubular to prevent removal of the tubular plug from the valve tubular;
• allowing fluid to bypass the tubular plug when the tubular plug engages the upstream barrier during the running in of the valve assembly into the well with a first fluid bypass;
• and
• pumping fluid downstream through the tubular string to urge the tubular plug away from the upstream barrier and into engagement with the downstream barrier, and wherein a second fluid bypass allows fluid to bypass the tubular plug after the tubular plug engages the downstream barrier.