Business Wire IndiaSOPAN
, an experienced player in the Oil & Gas sector in India, has signed a Service Agreement with Titan Oil Recovery Inc., a US-based veteran in the field of Enhanced Oil Recovery with deployments across four continents, for providing Organic Oil Recovery (OOR) solutions to the Indian Oil Production Industry. The OOR process involves stimulating the growth of specific species of indigenous microbes within the producing reservoirs, which have the effect of reducing the physical size of trapped oil droplets, greatly enhancing production rates at a fraction of the cost of alternative Enhanced Oil Recovery (EOR) technologies. With no separate setup required to execute, the
OOR process increases ultimate oil recovery substantially.
With a total of over 300 production well implementations of OOR by Titan, multiple customers authored SPE papers record average oil production increases within the range of 25% to 700%, and costs per incremental barrel of US $6-$15. Statistically, an average increase of 92% has been observed upon the application of the Titan process across over 300 well application globally.
This makes the technology suitable during both high and low Crude Oil rates. In addition, the process requires no topside modification offshore, therefore eliminating any need for incremental Capex.
Mr. C. V. Kadvekar, Managing Director of SOPAN said, “A sizeable part of the current domestic production of oil comes from mature fields, most of which are showing signs of production decline, if not on a decline already. As a result, the government is taking a special interest in boosting the growth of production from such mature & ageing fields and we expect a lot of activity in this space in the coming years. This OOR technology will provide a great and cost-effective solution to the oil extraction process in India.”
Mr. Kenneth Gerbino, Chairman, and Founder of Titan Oil Recovery Inc. added, “We are pleased to team up with SOPAN, a well-recognized and admired oil service company in India. The Titan Process, when adopted by the Indian oil industry, could have a major impact on reducing India’s dependence on imports.”
This next generation oil recovery technology, with negligible Capex requirement, low cost and organic nature of the process requiring no modification in the production process & methodology is set to revolutionize EOR technology in India.