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Hunting Plc has secured organic oil recovery (OOR) contracts totaling up to $60 million from North Sea operators, Hunting said on Aug. 29.
Organic oil recovery is an EOR process that improves well performance and recovery rates and lessens in-situ hydrogen sulfide levels for operators.
The company will provide OOR specialized water flood technology to increase recoverable reserves and extend the operational life of assets.
Hunting said OOR has a lower carbon footprint compared to other EOR methods and does not require additional capex by the operator.
“Today’s announcement is a significant step in the expansion of the OOR technology and shows confidence in Hunting’s ability to deliver new technologies to the energy industry,” Hunting CEO Jim Johnson said in the press release. “These major OOR orders supports our Hunting 2030 strategic initiatives to deliver revenue and profit growth, with strong margins and cash flows, through new sectors and product lines.”
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