Well performance index method for evaluating well performance

A method for transforming equipment or a device of a production well based on ranking performance of each production well in a plurality of production wells, the method comprising:

• sensing a production parameter value for each production well using a sensor;
• receiving the production parameter value for each production well using a processor;
• performing with the processor two or more different calculations for each production well using the production parameter value, each calculation providing a calculated performance indicator;
• multiplying with the processor each calculated performance indicator by a weight factor to provide a weighted performance indicator;
• summing with the processor each of the weighted performance indicators for each production well to provide a unit-less performance index value for each production well;
• inputting into the processor a threshold value of the unit-less performance index;
• identifying any production well that has a corresponding unit-less performance index value that exceeds the unit-less performance index threshold value as an under-performing well using the processor;
• and
• transforming the equipment or the device by at least one of repairing, modifying, and replacing the equipment or the device for any production well identified as under-performing in order to improve performance.