The Norwegian oil company said it may spend more than $130 million to get in on the emerging lithium brine business in Texas and Arkansas.
The agreement puts an early contractual framework in place for closer collaboration sooner on the project pair.
Traditional oil extraction methods hit a snag in noncontiguous fields, where conventional flow-based EOR techniques falter. In southwest Texas, a producer faced imminent shutdown of its canyon sand field due to rapid production decline. Field tests using elastic-wave EOR determined whether the field could be revitalized or if a costly shut-in process was inevitable.
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