Mitsui acquires Minority stake in
Water standard
Houston-based Water Standard Management (US) Inc,
which focuses on water treatment for enhanced oil recovery
(EOR), announced on 30 May 2012 that Japan's
Mitsui & Co Ltd has acquired a minority interest in the
company.
Water Standard is actively participating in the design and
development of a number of closely watched offshore EOR
projects in Asia that will incorporate next-generation water-related
technologies promising significant improvement in overall EOR
economics and efficiencies.
Water-based EOR is one of the fastest growing segments
in secondary and tertiary EOR, demonstrating, in some cases,
incremental oil recovery of 10-30%, says Water Standard.
"We are extremely pleased to close this transaction with Mitsui,"
said Amanda Brock, CEO of Water Standard. "Mitsui shares our
belief that we will see rapid growth globally in EOR. With their
strategic support and the synergies we have identified in their existing
portfolio of companies, Water Standard will continue to expand its
capabilities and geographic reach and its development of products
and services needed for effective implementation of water-based
EOR."
"Mitsui views Water Standard, with its unique water-based
solution for the oil industry, as a contributor with significant potential
for effective utilization of the limited hydrocarbon resources on
the earth which coincides with Mitsui's dedication to a sustainable
society," said Jun Aketa, a general manager of the First Projects
Development Division in Mitsui.
August-September 2012| Desalination & Water Reuse | 13 |
