UK-based energy services provider Hunting has announced securing OOR contracts that are set to enhance oil extraction for major North Sea operators.
The UK-based energy services company has not disclosed the operators’ identities but confirms the deals could be worth as much as $60m over five years.
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Hunting said the OOR process is an enhanced oil recovery (EOR) technology that enhances reservoir performance, improves recovery rates and lowers in-situ hydrogen sulphide levels for operators.
The technology is eco-friendly, does not require extra capital investment from the operator and has a smaller carbon footprint compared with other EOR methods, the company said.
Hunting’s delivery of specialised water flood OOR technology aims to increase recoverable reserves and prolong the operational lifespan of various assets within the North Sea operators’ portfolios.
The application of OOR is also key in promoting sustainable energy practices by revitalising brownfield producing assets.
Hunting chief executive Jim Johnson said: “Today’s announcement is a significant step in the expansion of the OOR technology and shows confidence in Hunting’s ability to deliver new technologies to the energy industry.
“These major OOR orders supports our Hunting 2030 strategic initiatives to deliver revenue and profit growth, with strong margins and cash flows, through new sectors and product lines.”
In a move earlier this year, Hunting secured an oil country tubular goods (OCTG) order in Kuwait through a local distributor, valued at $86m.
This followed a similar order in May, cumulatively awarding Hunting contracts worth $231m from the Kuwait Oil Company for OCTG casing and premium connections.
In a separate development, Oceaneering International’s UK subsidiary has been awarded several North Sea vessel contracts for various offshore services.
The contracts, granted by different operators in the UK North Sea sector, cover decommissioning, inspection, subsea preparation and installation support services.
