The joint venture partners believe that by working together through this new company they will have the potential to revolutionise the production and transportation of heavy oil and waxy crudes which is an international market valued at $6 trillion.
OilFlow will market a portfolio of new product systems, which are targeted at the flow optimisation of viscous oils. This could potentially lead to flow assurance from some of the world's most difficult reserves. The systems are based on a unique patented core chemistry, which was originally discovered by leading scientists at Bradford University and developed for oilfield application by AGT Energy Ltd.
The first two unique product systems that will be commercialised are Proflux 200 and Proflux 300. Both of these products are new combined chemical and engineering systems, which are designed to unlock marginal fields and stranded assets. Proflux 200 reduces the viscosity of low API (low specific gravity), heavy oil from a thick and slow flowing liquid to a free flowing state while Proflux 300 stabilises waxy crudes allowing them to be pumped well below their original pour point temperature. Proflux is currently being prepared for field trials on oil fields in Colombia, Albania and India.
OilFlow will initially employ 10 people. This is expected to double by the end of 2006 and reach 40 by the end of 2007. The company will be based at Vienco's headquarters in Albyn Terrace, Aberdeen whilst its research and development facility will remain at AGT Energy's facilities in Bradford, West Yorkshire. It is anticipated that the company will expand into its own purpose-built premises in Aberdeen next year, which will include laboratories, office space and an engineering service area.
The board of OilFlow is highly experienced in both the upstream oil and gas and oil services sectors. Richard Selwa, Chief Executive of Vienco, will act as Chairman, Mike Crabtree, Managing Director of AGT Energy will act as Managing Director and Rob Arnott and Hugh Crook will act as Non Executive Directors.
Commenting on the new joint venture company, Richard Selwa, Chief Executive, Vienco said:
Mike Crabtree, Managing Director, AGT Energy Ltd said:
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