Florida-based Enviro Voraxial Technology Inc. (EVTN) has agreed to sell intellectual property, including patents and trademarks, for its Voraxial Separator technology to Schlumberger (NYSE: SLB), according to a news release.
The technology is described by EVTN as a cost effective method to efficiently separate large volumes of solids and liquids—such as oil, water and sand—with different specific gravities without the need of a pressure drop.
As part of the deal, which is subject to customary closing conditions, EVTN will be granted a royalty-free license to use the patents to market, manufacture and sell the Voraxial Separator for all industries, excluding the oil and gas market. But EVTN will be able to manufacture the Voraxial Separator for Schlumberger for a three-year period, the release said.
“This agreement provides EVTN with a path to manufacture and sell the Voraxial into the oil and gas market through Schlumberger and to potentially leverage this success into additional growth opportunities in other industries where the Voraxial can have significant benefits in treating and cleaning wastewater, such as mining, sewage and industrial wastewater,” EVTN CEO John A. DiBella said in the release.
The agreement is expected to be completed within the next three months, according to EVTN.
2023-01-24 - New York-based Hess Corp. announced a new discovery offshore Guyana and set its 2023 E&P capital and exploratory budget at $3.7 billion, of which more than 80% will be allocated to the Bakken and Guyana’s Stabroek Block.
2022-11-22 - The British company’s U.S. boss Dave Lawler says Biden’s Inflation Reduction Act has put the oil major’s green plans on “steroids.”
2022-12-06 - Lawler will begin his term at the start of 2023 as Bill Berry moves into retirement.
2022-11-08 - LRM V’s initial acquisition in the STACK Play was also announced in conjunction with new equity commitments from Kayne Energy Private Equity.
2022-11-08 - Enerplus agreed to sell its remaining Canadian assets located in Alberta and Saskatchewan to Surge Energy for total consideration of CA$245 million (US$180 million).