Monday, March 26, 2012

Deleum ... Mar12

A provider of oilfield equipment and services to the upstream sector of the oil and gas industry, is partnering Petronas Carigali Sdn Bhd to form a global patent for a breakthrough product that will greatly improve oil extraction rates.

The product will be able to dissolve the layer of wax that clogs the pipes that extract the oil from ground and transport it. Towards this end, Carigali is prepared to undertake a joint venture for the commercial production of the product.

The joint venture will be the global patent holder of this product, and it expects the product to be used by most oil majors.

The sources say the new product has been tested on a pilot oilfield off the coast of Sabah and Carigali is prepared to secure the patent to monetize the opportunity.

Its net assets per share stood at rm1.20 It had rm6.96 million in cash and rm26.82 million in borrowings.

The company indicated in May 2011 that it was tendering for rm200 million worth of jobs in the inventory, services and equipment business. Its portfolio comprised rm1 billion worth projects which will run up to 2016.

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