Core Lab Acquires Sanchez Technologies; Company Increases Reservoir Fluids Technology; Core Worldwide Leader In High Pressure Mercury-Free PVT Analyses
AMSTERDAM, June 23, 2015 /PRNewswire/ -- Core Laboratories N.V. (NYSE: "CLB US")(Euronext Amsterdam: "CLB NA") announced the all cash acquisition of Sanchez Technologies, based in Viarmes, France. Sanchez is a designer and manufacturer of cutting edge reservoir conditions pressure-volume-temperature ("PVT") equipment and instrumentation. These systems are used to determine petroleum reservoir fluids phase-behavior relationships of crude oils, natural gas and interstitial waters. Sanchez is the world's recognized leader in the manufacture of automated high-pressure, high-temperature ("HPHT") mercury-free PVT instrumentation having supplied systems to international and national oil company research and technology centers along with many of the world's leading universities' petroleum engineering departments. Core Lab has fully adopted the Sanchez series of HPHT PVT systems in automating its worldwide reservoir fluids laboratories.
PVT properties include determination of saturation pressures, compositional characterizations, formation volume factors, viscosities, and gas-to-oil ratios. These data sets are used to optimize production streams and enhance oil recovery techniques, especially in unconventional reservoirs, where they maximize the economic return on investment for the Company's clients. Reservoir fluids phase-behavior data sets are mission-critical for all complex reservoirs currently under production, including deepwater developments, given the high investment levels and the need to maximize the client's return on invested capital regardless of the commodity price. This is especially the case in the deepwater Gulf of Mexico ("GOM").
Core is the only oilfield service company that can accurately generate PVT data sets from fully visual measurements of reservoir fluids at pressures up to 29,000 pounds per square inch ("PSI") (or, 2,000 bar), pressures which are being encountered in reservoirs with formation depths greater than 20,000 feet. Visual fluid measurements assure our clients the most accurate and proper phase identification possible. Most deepwater reservoirs around the world are at formation depths greater than 20,000 feet, as is the case in the GOM. The Company and Sanchez will continue to develop ultra-high pressure PVT and enhanced oil recovery ("EOR") instrumentation to meet the growing demand for these services, ensuring the continued structural market expansion and growth driven by Core's unique position of technological leadership. In addition, Core remains committed to its worldwide environmental leadership by providing reservoir fluids data sets from automated high-pressure, mercury-free PVT testing systems.
Core Laboratories N.V. (www.corelab.com) is a leading provider of proprietary and patented reservoir description, production enhancement, and reservoir management services used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world.
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SOURCE Core Laboratories N.V.
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