(Source: Shutterstock.com)
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.”
Recommended Reading
Infinity Natural Resources’ IPO Nets Another $37MM
2025-02-07 - Underwriters of Infinity Natural Resources’ January IPO have fully exercised options to purchase additional Class A common stock at $20 per share.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Mach Prices Common Units, Closes Flycatcher Deal
2025-02-06 - Mach Natural Resources priced a public offering of common units following the close of $29.8 million of assets near its current holdings in the Ardmore Basin on Jan. 31.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.