Lifteck enters into Joint Development Agreement with Shell for Artificial Lift Technology

CALGARY, Alberta, Nov. 9, 2015 /PRNewswire/ -- Lifteck International Inc. ("Lifteck") announces it has entered into a Joint Development Agreement (JDA) with Shell Canada LTD ("Shell") to collaborate on development and commercialization of Lifteck's patented Gas Drive Pump (GDP) technology for artificial lift by harvesting reservoir energy.

The technology – originally developed and patented by Alberta Innovates Technology Futures and exclusively licensed to Lifteck – uses gas pressure in the reservoir (or low pressure surface gas) to drive liquids in a downhole configuration for artificial lift.  Under the terms of the JDA, Shell and Lifteck intend to conduct additional field trials of the GDP technology on Shell assets, collaborate on product development engineering and product testing, and provide data on those trials to Lifteck for use in developing and commercializing the GDP products.  

The launch of the GDP is the outgrowth of two years of collaboration and testing of the GDP by Shell and Lifteck in the lab and in the field, including the first field trial of the GDP technology, conducted by Shell in Canada that Shell considered to be successful.  

"We are honoured to have Shell as our development partner for our lift system. By partnering with Shell's engineering teams in Canada, Shell TechWorks Boston – which re-risked and qualified the pump – and Houston, we can together leverage Lifteck's patented design into an innovative downhole pump for the oil and gas industry.  We believe that our pumps will provide oil and gas companies with a unique low cost artificial lift solution for a wide range of applications including horizontal," said Lifteck CEO Serge Bonnet.

Michael Crothers Shell's VP for Unconventionals says, "Lifteck's GDP is an advancement in downhole pump technology, namely in its ability to resolve liquid loading issues in gas wells.  Our collaboration is designed to refine the technology and demonstrate that it can reduce artificial lift costs and increase production in a range of applications including oil wells.  We are pleased to be first to trial the technology, and collaborate with Lifteck, an innovative, emerging startup."

The JDA was structured by Shell Technology Ventures LLC, the corporate venture capital arm of Royal Dutch Shell.

About Lifteck International Inc.:
Lifteck is an oil & gas pump company incorporated in April 2011 in Calgary, AB, Canada. For more information please visit our website www.lifteckinc.com.

About Shell Canada:
Shell has been operating in Canada for over 100 years and employs over 8,000 people across the country. Our business is providing energy to Canadians and people around the world, and we are one of the few truly integrated oil and gas companies in Canada. This means we do everything from exploring for oil and gas, production, refining, the manufacturing process, and delivery to our customers at over 1,200 retail stations across Canada.

Shell Technology Ventures
Shell Technology Ventures ("STV") is the corporate venture capital arm of Royal Dutch Shell plc ("Shell"). With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell's tradition in venture capital since 1998, STV's investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures.

Contact: Alice Mayer

403-830-1484

[email protected]

SOURCE Lifteck International Inc.

Related Links

http://www.lifteckinc.com