Utek and Platina Energy, an exploration and production strategic reserve company, have announced that Platina has acquired Enhanced Oil Recovery, a wholly owned subsidiary of Utek, in a stock transaction.
The technology transferred includes an exclusive worldwide license acquired from the University of Texas at Austin for a technology that utilizes a combination of an electrical submersible pump and a jet pump to separate liquid and gas streams.
The potential benefit of this system is that it enables a submersible pump and a jet pump to be used in combination in a high gas-to-liquid ratio oil well without installing a gas vent line.
Blair Merriam, CEO of Platina Energy, said: Platina is pleased to be working with Utek to develop our proprietary technology position. The company plans to install the licensed product in some of its production wells and sell the product to third parties.