RTI International licenses oil field chemical time release delivery technology to EnKaps
RTI International has announced an exclusive licensing deal with EnKaps, Inc, a Research Triangle Park, NC and Texas-based oil and gas technology company.
EnKaps will develop, market and sell RTI's novel encapsulation technology that enables time release of oil field chemicals used to enhance production and increase profitability in oil and gas wells. Preliminary results indicate that this unique technology, FloShell, has the potential to reduce operating costs, increase oil and gas production, and provide new information about well and reservoir performance.
"We seek to commercialize our most promising technologies as an important aspect of our mission to improve the human condition by turning knowledge into practice," said E. Wayne Holden, PhD, president and CEO of RTI International. "RTI has a deep history of innovations and developing environmentally-friendly and cost- effective technologies for the energy sector. This license is a great way to expand our impact."
FloShell is a tunable, micro and nanoparticle encapsulation technology platform that allows the controlled, time release delivery of oilfield chemicals (for production enhancement and wellbore integrity applications) in reservoirs.
The FloShell delivery concept is similar to the controlled release technology used in many long-acting medicines (e.g. cold capsules) manufactured by the pharmaceuticals industry. In this case, the technology enables delivery of an oilfield chemical during well completion, in the production zone or deep within the reservoir to achieve a desired production enhancement.
"Continued pressure on operating costs, renewed drilling activity and higher oil prices have expanded the industry's appetite for new technologies," said Kevin W. Bowles, CEO of EnKaps. "RTI's technology will help our customers in the oil and gas industry to reduce operating costs and improve sustainability by using time released chemicals to reduce well interventions, increase production and improve well profitability. There is also a positive impact on the environment by using fewer chemicals. We look forward to advancing FloShell's development and growing its market presence."
As part of the transaction, EnKaps will manage existing and develop new energy industry relationships, as well as lead market adoption via commercial pilots, while building a sustainable, profitable organization and business model. EnKaps will work closely with RTI to leverage its expertise as an R&D and business partner for new product development. Financial terms of the deal are not disclosed.
"RTI Commercialization provides multi-disciplinary support and investment to a broad portfolio of promising technologies," said Vinay Tannan, PhD, director of Commercialization at RTI. "We look forward to our continued partnership with EnKaps to develop and commercialize FloShell."