Hicor Technologies has changed its name to Reach Production Solutions, the company said on Sept. 9.
The name change follows the commercialization of the company’s artificial lift system and represents the transition from a compression technology company to a full-service artificial lift and frac hit recovery solutions provider.
Since 2009, the company has been working to develop its proprietary multiphase compression technology with the support of its investor group, which includes EV Private Equity, Equinor Technology Ventures and Chevron Technology Ventures. The company has now packaged its compression technology into a plug-and-play solution that enables operators to improve production, increase well and reservoir life, and quickly recover from frac hits.
The company’s technology offers numerous benefits to operators, including the ability to significantly increase production from the surface on both a standalone basis or in conjunction with other artificial lift methods. At the heart of the system is a multiphase compressor that can realize compression ratios of up to 40:1, enabling a broad operating envelope that self-adjusts to well production fluctuations.
Additionally, the system can be installed in less than 24 hours and does not require downhole interventions, utilities, site preparation or other surface facilities.
“We are extremely proud of the innovative technology we have developed. Our lift solution enables operators to do more with less, which is precisely what is needed in today’s difficult commodity price environment,” Rob Perry, CEO of Reach Production Solutions, said. “We are excited to bring this technology to market and showcase our capabilities as a full-service artificial lift and frac hit recovery solutions provider.”
WPX Energy agreed to divest certain assets with a portion of the roughly $200 million worth of sales proceeds slotted for an acquisition within its core Delaware Basin operations.
NESA is based in Houston. It has served the needs of people in the service-and-supply sector of the oil and gas industry for more than 50 years, according to the release.
Energy XXI said it will terminate its previously announced partnership with Orinoco Natural Resources as a result of the Cox Oil transaction.