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Two U.S. energy companies merge to increase production
From:Xinhua  |  2017-11-19 03:40

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HOUSTON, Nov. 18 (Xinhua) -- Houston-based Star Energy International Corporation (SEIC) announced Saturday an acquisition of Glori Energy Technology Inc (GETI), aiming at increasing production and recovery from mature oil fields.

With the acquisition, Star Energy will continue to innovate and improve the Activated Environment for Recovery of Oil (AERO), a kind of method using biotechnology to recover oil from old oil fields.

Linhua Guan, chairman of Star Energy, said, "this transaction underpins the company's strategy for growth. We are excited to see this transaction completed and look forward to having Glori integrate with our existing assets and employees to further grow our U.S. and international business."

Glori was established in 2005 in Delaware state, the United States. It entered into a partnership in 2009 with Statoil to develop biotech-based production enhancement technology. Statoil is a Norwegian oil and gas company, which developed an early version of AERO.

Earlier this year, AERO was named one of the top technical breakthroughs by China National Petroleum Corporation (CNPC).

The Star Energy is an oil and gas investment and management firm headquartered in Houston, Texas with extensive network from the North America to emerging markets.

Guan told Xinhua that there is once in a generation opportunity. "Due to the low-price running of oil in the global market, the oil field assets and technologies intend to be undervalued. It's good time to purchase assets or technologies as smart investments."