Rex Int'l forms JV for oil production technology
It will hold 66.7% in Rexonic, a joint venture with Swiss company Ogsonic
OIL and gas exploration firm Rex International is forming a joint venture (JV) with Swiss company Ogsonic to provide a proprietary well stimulation technology to oil production and oil service companies - extending its technology offerings from oil exploration to oil production.
The JV company, Rexonic, will own the technology which uses ultrasound to break down production wellbore debris such as wax, paraffin and salt deposits, and increases the flow of oil into the wellbore.
Currently, clogged wells are typically cleaned using chemical or…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife customers push for legal action
China’s Noah to hire 50 to 100 wealth managers in Hong Kong, Singapore
Australian inflation boosts case for higher-for-longer rates
Gold edges down as Middle East worries ebb
Tesla could start selling Optimus robots by the end of next year, Musk says
Singapore stocks climb at Wednesday’s open; STI up 0.4%