India-based Tubestar Oil and Gas Services has selected Falconridge Oil Technologies’ Terraslicing well enhancement and oil recovery technology (TST).
Both the companies have signed a letter of intent under which Falconridge will work with Tubestar to identify properties in the Indian market for potential deployment of TST.
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Under a definitive agreement, Falconridge will grant rights to Tubestar to market, represent, and deploy TST to their clients.
Tubestar will focus major oil and gas assets within its service range for targeted TST deployment.
Oil and gas services firm Tubestar has several offices in India, UAE, Ghana, and Saudi Arabia.
Falconridge president Mark Pellicane said: "The recent change in oil prices has created a very high demand to maximize current and existing assets over the risk and cost associated with exploration and the deployment of new assets.
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By GlobalData"Tubestar received significant interest in the deployment of TST to their client base, and this created a significant and exciting opportunity for Falconridge.
"Using TST in place of new exploration simply makes financial sense and we are pleased to be working with Tubestar to meet their client’s needs."
Falconridge’s Terra Slicing Technology serves as an alternative to traditional fracturing / fracking on existing low producing wells across Canada and the US.
