Latest news with #OOR
Yahoo
10-03-2025
- Business
- Yahoo
Hunting acquires Organic Oil Recovery tech for $17.5m
Hunting, a UK-based energy services provider, has announced the acquisition of Organic Oil Recovery (OOR) technology from its original shareholders for $17.5m (£13.55m). This strategic move grants Hunting the global rights to the OOR technology, positioning the company to accelerate commercialisation efforts across North America and worldwide. The acquisition includes more than 25 discrete patents, the rights to distribute the technology, and a laboratory in California, US. The deal also involves a 15% royalty payment to the sellers on revenue earned over the next 15 years after the completion of the acquisition. OOR is an advanced oil recovery technology that enhances the extraction of oil reserves from a well. The technology helps extend the life of producing fields and maximise economic returns. It is designed to be a cost-efficient solution that reduces capital expenditure and is easy to implement. Additionally, OOR improves production efficiency by lowering the water cut during late-stage extraction and reducing hydrogen sulphide levels in the production offtake. Field trials of the technology are currently in progress with several exploration and production companies across North America, Europe, the Middle East and Asia-Pacific. Hunting chief executive Jim Johnson said: 'Following the acquisition of this exciting business, Hunting now has the ability to deploy this remarkable technology globally. The technology is currently being evaluated by many blue-chip customers, with the benefits to the operator clear. 'For Hunting, the business will be margin accretive and strongly position the company to reach its Hunting 2030 Strategy targets in the medium term as commercialisation accelerates.' Hunting is also planning to establish a new laboratory in the United Arab Emirates to service clients in the eastern Hemisphere, with the aim of reducing sample lead time and overall analysis time due to closer proximity to customers. In August last year, Hunting secured up to $60m of orders from operators in the UK North Sea. "Hunting acquires Organic Oil Recovery tech for $17.5m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Trade Arabia
09-03-2025
- Business
- Trade Arabia
Hunting buys OOR technology; plans to set up lab in UAE
Hunting, a global precision engineering group, has acquired the Organic Oil Recovery (OOR) technology from its founding shareholders, for a consideration of $17.5 million. Hunting has acquired the entire portfolio of intellectual property, comprising over 25 discreet patents, the distribution rights for the technology, and the laboratory located in California, US. Hunting said it is also looking to build its presence in the Middle East with the construction of a small laboratory in the UAE to service clients in the Eastern Hemisphere. With the establishment of this laboratory, the sample lead time and overall analysis time will decrease as a result of closer proximity to the customer. Following the acquisition of OOR, the company will hold the global rights for the OOR technology and is now well placed to further accelerate commercialisation across North America and the rest of the world, it said. OOR is an enhanced oil recovery technology, which provides the following benefits to operators: · It improves ultimate recovery of oil reserves from a well; · Is a cost-efficient technology that reduces capex requirements and is simple to deploy; * Lowers the water cut during end-of-life production; · Lowers hydrogen sulphide levels in production offtake; and · Extends the life and increases the economic returns of a producing field. The consideration for the acquisition is $17.5 million, with Hunting agreeing to pay a 15% royalty to the sellers on revenue earned for a period of 15 years, post-completion. Field trials of the OOR technology are currently underway with numerous blue-chip exploration and production companies across North America, Europe, the Middle East, and Asia Pacific. As previously announced in 2024, Hunting secured up to $60 million of orders from operators in the UK North Sea, with a strong pipeline of opportunities likely to be secured in the coming years, as the oil and gas industry embraces the production benefits of this enhanced oil recovery solution. With additional geographic opportunities, as a result of the transaction, the outlook for expansion is robust. Following the acquisition, all technical employees of the OOR business will join Hunting either as an employee or long-term consultant, the company said.
