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Embodiments of the present invention relate to a volumetric compensating annular bellows used to compensate two fluid volumes by an annular displacement. This is achieved using a bellows welded on to a tube with a varying shape radius. A bellows is arranged within the annulus and is deformable in an

Embodiments of the present invention relate to a volumetric compensating annular bellows used to compensate two fluid volumes by an annular displacement. This is achieved using a bellows welded on to a tube with a varying shape radius. A bellows is arranged within the annulus and is deformable in an annular direction in response to fluid volume expansion. The bellows can be used in several oilfield applications for fluid compensation.

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What is claimed is: 1. A downhole system comprising: an elongated mandrel disposed within a housing having an annular region therebetween; a first port and a second port mounted onto the mandrel and fluidly connected to the annular region; and a bellows disposed within the annular region, the bello

What is claimed is: 1. A downhole system comprising: an elongated mandrel disposed within a housing having an annular region therebetween; a first port and a second port mounted onto the mandrel and fluidly connected to the annular region; and a bellows disposed within the annular region, the bellows being configured to deform in a radial direction in response to fluid volume expansions within the annular region, wherein the ends of the bellows are welded to the mandrel, and wherein the bellows is not axially expandable. 2. The downhole system of claim 1, wherein the mandrel or the housing is connected to at least one equipment selected from the group consisting of flow control valves, artificial lift equipment, subsea equipment, drilling equipment, and wireline equipment. 3. The downhole system of claim 1, wherein the bellows separates the annular region into two separate axial flow paths between the mandrel and the housing. 4. The downhole system of claim 1, wherein the bellows has elastically deformable properties. 5. The downhole system of claim 1, wherein the bellows is configured to radially expand and contract. 6. The downhole system of claim 3, wherein the bellows provides a barrier between the two separate axial flow paths between the mandrel and the housing. 7. The downhole system of claim 1, wherein the ends of the bellows do not require seals. 8. The downhole system of claim 3, wherein the volume of at least one of the two separate flow paths between the mandrel and the housing is variable. 9. The downhole system of claim 1, wherein the bellows has a cross-sectional profile that is angled, squared, rectangular, or sinusoidal. 10. The downhole system of claim 1, wherein the bellows is made of material selected from the group consisting of: nickel, titanium, and alloys thereof. 11. The downhole system of claim 3, wherein separate flow paths contain either oil or gas. 12. A downhole system comprising: a mandrel disposed within a housing having an annular region therebetween; a first port and a second port mounted onto the mandrel and fluidly connected to the annular region; and a bellows disposed within the annular region, the bellows being configured to deform in a radial direction in response to fluid volume expansions within the annular region, wherein the ends of the bellows are welded to the mandrel, and wherein the bellows is not axially expandable. 13. The downhole system of claim 12, wherein the mandrel or the housing is connected to at least one equipment selected from the group consisting of flow control valves, artificial lift equipment, subsea equipment, drilling equipment, and wireline equipment. 14. The downhole system of claim 12, wherein the bellows separates the annular region into two separate axial flow paths between the mandrel and the housing. 15. The downhole system of claim 14, wherein the bellows provides a barrier between the two separate axial flow paths between the mandrel and the housing. 16. The downhole system of claim 14, wherein the volume of at least one of the two separate flow paths between the mandrel and the housing is variable. 17. The downhole system of claim 12, wherein the bellows is configured to radially expand and contract. 18. A downhole system comprising: a mandrel disposed within a housing having an annular region therebetween; a first port and a second port mounted onto the mandrel and fluidly connected to the annular region; and a bellows disposed within the annular region, the bellows being configured to deform in a radial direction in response to fluid volume expansions within the annular region, wherein the ends of the bellows are welded to the mandrel, the bellows is not axially expandable, and the bellows include one or more axially aligned folds that deflect inwardly and outwardly in the radial direction. 19. The downhole system of claim 18, wherein the one or more axially aligned folds each have a first end and a second end, and wherein the first end of one of the axially aligned folds is attached to a first end of the bellows and the second end of the same axially aligned fold is attached to a second end of the bellows. 20. The downhole system of claim 19, wherein the one or more axially aligned folds comprise a first fold and a second fold, wherein the first fold is proximate the second fold, and wherein the first fold has a greater radial distance from the axis of the mandrel than the second fold.