ExxonMobil (XOM) Unit Licenses Patented Steam Injection/Production Method to Baker (BHI)
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ExxonMobil's (NYSE: XOM) Upstream Research Company has awarded the first license for its patented steam injection system and production method to Baker Hughes (NYSE: BHI) to improve the efficiency of in-situ oil sands projects. Approximately 80 percent of Canada’s oil sands can be produced using in-situ technology, which involves the injection of steam to enable bitumen to be extracted through drilling versus surface mining.
The ExxonMobil-patented technology provides more effective regulation and distribution of steam in long horizontal wells for in-situ oil sands production. The technology reduces the number of wells needed, lowers operating costs by reducing steam consumption and improves overall recovery from the field.
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The ExxonMobil-patented technology provides more effective regulation and distribution of steam in long horizontal wells for in-situ oil sands production. The technology reduces the number of wells needed, lowers operating costs by reducing steam consumption and improves overall recovery from the field.
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