Precision engineering group, Hunting PLC, has recently acquired the Organic Oil Recovery (OOR) technology from its founding shareholders for a total of US$17.5 million. The acquisition includes over 25 patents, distribution rights, and a laboratory in California, positioning Hunting as the global rights holder for OOR technology. This technology offers enhanced oil recovery benefits such as improved oil reserves, cost efficiency, reduced water cut, lower hydrogen sulfide levels, and increased economic returns for producing fields.
Hunting has agreed to pay a 15% royalty to the sellers for 15 years post-completion. Field trials of OOR technology are currently underway with major exploration and production companies globally. The company secured orders worth US$60 million in the UK North Sea in 2024 and is looking to expand in the Middle East with a new laboratory in the UAE to service Eastern Hemisphere clients more efficiently.
The OOR business’s technical employees will join Hunting following the acquisition. CEO Jim Johnson sees this acquisition as a strategic move that will help accelerate commercialization and contribute to achieving Hunting’s long-term goals. With a strong pipeline of opportunities and expanding geographic reach, Hunting is set to capitalize on the growing demand for enhanced oil recovery solutions in the oil and gas industry.
The latest issue of Oilfield Technology magazine covers the acquisition and other industry news, project stories, and technical articles on enhancing offshore safety, digital technology, drilling, EOR, and flow control. This acquisition marks a significant milestone for Hunting PLC as it strengthens its position in the global oil and gas market.
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