Paradigm O&G has contracted Oil Chem Technologies to formulate the surfactants required for use in the chemical portion of Paradigm's Enhanced Oil Recovery (EOR) work program, announced on April 20th, 2010 and currently underway on the company's Chelson property.
"Our equipment is now operational at Chelson and the existing wells are being swabbed and readied for production," said Mr. Joseph Foire, Paradigm Oil's Chief Operating Officer. "Oil samples are also being pulled and sent to Oil Chem for their analysts to determine the most effective surfactant formulation to be deployed. We expect the implementation of this program will drive a significantly larger production and profit result and generate a large producing reserve."
As reported by the US Department of Energy, "nearly two out of every three barrels of oil discovered in the U.S. remains trapped underground after conventional recovery operations. This staggering amount of remaining oil, approx. 200 billion barrels, can be one of America's best hopes of greater energy security, if new technologies can be developed to recover it."
According to Oil Chem, more than 10 times that amount, in excess of two trillion barrels of oil, has been left in place worldwide following conventional oil recovery. It is Paradigm's mission to unlock and recover this previously discovered oil through the use of industry leading EOR technologies.
Mr. Marc Juliar, CEO of Paradigm, said, "We are very pleased that Oil Chem is working with us to help unlock additional oil and increase production from the reserves we have acquired. It will be exciting to see the impact our use of this leading technology will have on our company's bottom line."
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