Clariant Oil Services Invests in an Enhanced Oil Recovery Technology and Services Company
- Clariant's investment in Ultimate EOR Services aligns with its focus on research and technology and is complementary to its global growth strategy
- The company commercializes proprietary technologies and services developed at the University of Texas at Austin
MUTTENZ, Switzerland, May 14, 2013 /PRNewswire/ -- Clariant, a world leader in Specialty Chemicals, today announced its investment in Ultimate EOR Services, a provider of enhanced oil recovery solutions based on proprietary technologies developed within the Center for Petroleum and Geosystems Engineering at The University of Texas at Austin (USA).
The company has made discoveries which have dramatically improved the efficiency of enhanced oil recovery solutions and lowered its costs. Its services include candidate reservoir screening, developing surfactant formulations for specific reservoirs, advanced modeling of oil field performance, and full field optimization.
"Our investment in Ultimate EOR Services with its expertise in designing chemical enhanced oil recovery solutions is part of the company's strategy to further develop and strengthen Clariant's portfolio with a focus on innovation and high performance solutions," underlined CEO Hariolf Kottmann.
"This agreement couples Ultimate EOR Services' unmatched intellectual horsepower in enhanced oil recovery solutions together with Clariant's expertise in chemical technology development, testing and application, and is complementary to our global growth strategy," said Nick Phillips, Vice President Marketing, Technology and Key Accounts for Clariant Oil Services.
Clariant is a globally leading specialty chemicals company, based in Muttenz near Basel/Switzerland. On December 31, 2012 the company employed a total workforce of 21,202. In the financial year 2012, Clariant recorded sales of CHF 6.038 billion for its continuing businesses. The company reports in four business areas: Care Chemicals, Catalysis & Energy, Natural Resources, and Plastics & Coatings. Clariant's corporate strategy is based on four pillars: managing businesses for profitability, research & development and innovation, growth in emerging markets, and repositioning of the portfolio.