A UK provider of oil upgrading technology solutions has bought a company based in Vancouver, Canada.
FluidOil has completed the purchase of Ivanhoe Energy, an independent international heavy oil development and production company which operates in Canada, Ecuador, China and Mongolia.
The acquisition includes Ivanhoe Energy’s licence of its HTL (heavy-to-light) heavy oil upgrading technology, which provides an alternative to the transportation of heavy crude oil.
The HTL technology will be used by the UK firm to create a new product called Viscositor HTL which will be used to finish the development of a 300-barrel per day commercial demonstration plant to be commissioned in Alberta at the end of 2016.
Charles Parker, FluidOil CEO said: “By installing Viscositor HTL technology at the production site or midstream in the supply chain, countries and companies being squeezed by declining rates of benchmark crudes will realise significant improvements in the feasibility and economics of producing and refining heavier crude oils.”