Wescorp, Weatherford Ink LOI on Water Remediation Tech
Wescorp Energy announced that Weatherford has executed a letter of intent for the testing of Wescorp's wholly-owned water remediation technology in two projects in South America. H2Omaxx, the name of Wescorp's water remediation technology, is a commercially proven, safe, effective and economical process for cleaning and separating oil and solids from produced water. Test results on the H2Omaxx unit have been shown to reduce the oil content in produced water to less than 0.001% or 10 parts per million oil allowing oil and gas operators to reduce, reuse, and recycle water without the use of flocculants.
"We are honored to have Weatherford consider being our partner using our H2Omaxx water remediation technology. Weatherford is an ideal partner - they are one of the largest global providers of advanced products and services that span the drilling, evaluation, completion, production and intervention cycles of oil and gas wells. Weatherford employs more than 46,700 employees worldwide, operates in more than 100 countries to include 125 globally distributed manufacturing facilities supporting 800 service bases and 16 technology development and training facilities. They have built a solid reputation of using best class technologies, and have maintained a culture of service and innovation. We are very confident that Wescorp and Weatherford will be successful in establishing a long-term relationship," commented Doug Biles, President and CEO of Wescorp.
"Weatherford strategically focuses on commercializing new technologies to enhance well productivity and reduce production costs," commented Richard Dalati, Global Business Unit Manager for Weatherford's Heavy Oil Production Systems. "Wescorp's technologies will offer significant benefits to our clients by improving the recovery of residual hydrocarbons entrained in produced water, which are not usually extracted through conventional methods."
Wescorp anticipates that its 2,000 barrel per day H2Omaxx unit that is currently in Alberta, Canada will be transported to South America early in 2009 to commence testing.
Wescorp and Weatherford are currently in negotiations for a possible exclusive long-term global cooperation agreement. In addition, the parties are discussing extending the letter of intent to include one or more additional test sites.
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