Glori Energy Inc. (NASDAQ: GLRI) extended its joint research program with Statoil ASA (NYSE: STO) the company said Oct. 28. They signed an extended collaborative research and development agreement, Glori added.
The companies have collaborated on technology since 2009.
They are working on new initiatives to expand and improve Glori’s Aero System, an EOR technology, the company noted. They collaborated to develop the Aero System. It received the Energy Institute’s Innovation Award in 2013, and was a finalist in the World Petroleum Council’s Excellence in Innovation-Technological Development awards.
Aero received a U.S. patent in September, but was initially patented on development in 2011, the company noted.
"We are pleased to continue our long-standing relationship with Statoil, a recognized global leader in oilfield technology. It has been a pleasure to work with Statoil's well-respected and impressive team over the past five years to develop and commercialize Aero and we look forward to broadening our technology platform through this productive collaboration," said Stuart Page, Glori’s CEO.
"The low-cost, low-capital investment and speed of field deployment of Aero has the potential to significantly decrease the average cost per barrel of oil produced, making it especially attractive in today's lower oil price environment. This R&D collaboration will help further optimize and expand the market applicability of our technology," he added.
Houston-based Glori Energy Inc. is a domestic-focused oil recovery company.
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