TXO closes agreement on valve tech JV
TXO has acquired a 30% stake in a new joint venture in oil recovery technology for $74,250 cash (€54,083).
Oil Tech Royalties (OTR), owns intellectual property rights to a new valve technology – a proprietary acoustic flow reactor valve (RAP) - that disperses heavy oil and diesel. The JV is to commercially promote the technology in specific regions across the globe.
According to a third-party technology report, the RAP is capable of changing the aggregate state of matter such as heavy crude oil and diesel by changing the dissolution, diffusion and crystallisation speeds in treatment so as to disperse and emulsify the oil.
It is currently being commercialised in South America, with installations in a power generation plant and in the operations of a heavy oil field.
TXO says the technology is also under extensive tests with several operators of heavy oil fields and major power producers.
As part of the joint venture set up, OTR will buy one of the new RAP valves and have an option over the economic ownership of 19 more. The company will also seek to commercialise the technology in the Middle East, the European Economic Area (EEA), Switzerland and the Bahamas.
An RAP is being shipped to the Bahamas for use by Morgan Oil Marine (MOM), a subsidiary of TXO associate Grand Bahama Group, where it will be integrated into the second and third phase development of MOM's planned hydrocarbon recovery plant at Freeport, Grand Bahamas.