Blue Water Petroleum Corp. said June 25 it signed a letter of intent with European company Viscos Energy Partners to form a joint venture (JV) company.
The 50/50 JV company will be called Sludge to Oil (STO) and will operate Viscos' patented mobile microwave system for the remediation and upgrading of crude oil sludge's in the U.S. Field operations will launch in the Rocky Mountain region.
Viscos' microwave treatment liquefies, separates and upgrades crude oil sludges and creates a marketable product while substantially reducing hazardous environmental waste. Visco will provide microwave equipment, training, field support and maintenance while Blue Water, based in Centennial, Colo., will establish field operations.
Viscos will contribute new patents and licenses to Blue Water contingent upon Blue Water providing an initial funding of up to $2 million. Blue Water will recoup the initial funding from future revenues of STO.
Recommended Reading
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.