ProSep Clinches Additional Funding for Gas Dehydration Technology
ProSep was awarded additional funding to pursue the development of its proprietary gas dehydration technology "ProDry" under a Joint Industry Project (JIP) carried-out with Total, Statoil and ConocoPhillips. The JIP partners together with The Research Council of Norway provided additional funding of approximately $0.4 million (CAD) to pursue a Phase IV pilot testing project, an extension of Phase III announced on May 28, 2009. After successful performance testing at Total's gas processing plant in Lussagnet (France), JIP partners agreed to extend testing to identify scale-up capacity, performance and operational robustness of the ProDry. Phase IV development is expected to conclude in the second quarter of 2011.
"Most new oil and gas discoveries are located offshore in deeper, more remote and challenging environments. By working with industry partners such as Total, Statoil and ConocoPhillips, we can develop pioneering technologies specifically designed to address their actual process improvement requirements," said Jacques L. Drouin, President and CEO of ProSep Inc. "This model allows ProSep to optimize its development activities, allow for onsite testing and provide unbiased performance data."
Total industry funding for the development of the ProDry now stands close to $2 million since 2009. The Company will retain all property rights including technology, patents and licensing fees relating to future sales. The ProDry is a compact, light weight technology that efficiently mixes glycol into gas for dehydration. The ProDry utilizes ProSep's proprietary mixing and injection technology developed at the Company's Norwegian operations and provides a more compact and robust gas dehydration as compared to conventional technologies such as absorption towers. Compact and lightweight solutions such as the ProDry are increasingly being developed to address the needs of the growing offshore and subsea oil and gas production activities.