Rex Int'l forms JV for oil production technology

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 mechanical methods.