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Ed Johnson joins FluidOil Board as Non-Executive Director

The Board of Directors of FluidOil Limited is pleased to announce the appointment of Ed Johnson as a Non-Executive Director with immediate effect.

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Ed has significant experience at board level in the oil and gas sector. He currently serves as Chief Executive Officer of Minotaur Environmental Services, a leading provider of soil remediation, oil sands production and water treatment services to the energy sector. Minotaur is active in Europe, Southeast Asia and Africa.

Ed’s previous executive roles have included Partner at Lothian Oil & Gas Partners, Chief Executive Officer at AIM-listed Sirius Petroleum Plc, Head of the New Markets Oil Team at Renaissance Capital, the leading international Emerging Markets Investment bank, and Head of Oil & Gas Specialist Sales at Canaccord Adams in London. Prior to Canaccord, Ed was a Partner at NewSmith Capital Partners, responsible for the Resources and Energy fund, and he has also worked at Merrill Lynch and Barclays Capital.

Olav Ellingson, Non-Executive Chairman of FluidOil Limited, said:

“I’m delighted to welcome Ed to the Board as a Non-Executive Director. His significant experience and knowledge of the oil and gas industry and capital markets, including as CEO of AIM-listed Sirius Petroleum, will greatly benefit the Company and we are very much looking forward to working with him.”

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Oil and Gas Investments Bulletin – Canada’s Pipeline Problems Have a Unique (Partial) Solution

VHTL_heavy_oil_upgradingNorth America is finding more oil than it can pipe or ship. Investors and the general public alike now know the story about pipeline constraints; it’s in our [US and Canadian] newspapers every day. Right now, the Permian formation in west Texas has it, and Western Canada has it. The Bakken play in North Dakota had it in 2012. (And the Marcellus natgas formation in Pennsylvania has had it for almost 10 years!

According to Keith Schaefer, writing in Oil & Gas Investments Bulletin, there’s a unique solution–or at least a partial solution–to Canada’s problem, and that is: upgrading Canadian heavy oil.

One of the new technologies that Schaefer identifies as a potential solution to the partial upgrading of Canadian heavy oil is FluidOil’s VHTL.

Read the full article on the Oil and Gas Investments Bulletin website.

 

 

Mexico joint venture supports VHTL commercialisation strategy

FluidOil has concluded an agreement to form a new joint venture in Mexico, to advance the commercialisation of its VHTL upgrading technology in the country.

The joint venture, trading as FOMEX S.A. de C.V. (“FOMEX”), will see a new local partner, Petrofusion S.A de C.V. (“Petrofusion”), join FluidOil’s existing partner in Mexico, Mr. Americo Leal Rios (“Mr. Leal”), to provide testing and heavy oil upgrading services to Pemex, the state oil company, and other third parties, as well as to improve techniques and processes associated with producing, processing and refining heavy oil in Mexico.

FluidOil Chief Executive Officer, Charles Parker, said:

“We are delighted that our partners in Mexico recognise the opportunity that VHTL technology represents as well as the economic and logistical benefits it can bring to the heavy oil and refining market. Our partners have great experience in running successful businesses in the Mexican energy and resources sectors and have already demonstrated their ability to market VHTL and position FOMEX to secure suitable contracts. We are excited to partner with them as we seek to build a significant business in the country.”

FluidOil is implementing a multifaceted strategy to commercialise its VHTL technology. This involves the installation of VHTL heavy oil upgrading plants for a range of customers. The Company is actively pursuing this strategy in various regions of the world and has advanced opportunities currently in North America and the Middle East, as well as in Mexico.

This joint venture will see the local partners fund all of FOMEX’s core operations, including the installation, commissioning and operations of a pilot testing plant to provide a dedicated feedstock testing facility in Mexico. FluidOil will provide FOMEX with technical expertise and commercial support.

The FOMEX joint venture (FluidOil share 50 per cent, Petrofusion share 25 per cent, and Mr Leal share 25 per cent) holds full exclusive rights over the license for VHTL technology in Mexico. FOMEX has a mandate to negotiate, sign and deliver full service contracts with third parties in Mexico to commercialise VHTL technology.

Contact

The Middleton Partnership M. +44 (0)7885 508527
Ian Middleton E. pr@fluidoil.co.uk

About Petrofusion

Petrofusion is a subsidiary of MVRS Holdings, a Mexican, multinational holding company, headquartered in Monterrey, Mexico, with operations in 19 countries and employing more than 1,300 people. MVRS encompasses a diverse portfolio of investments across a number of sectors including financial services, venture capital, business consulting, steel, chemicals, plastics, food service, entertainment, assistance services, real estate and land development, and oil technology. Petrofusion focuses specifically on the oil and gas market and invests in pioneering and innovative technologies that can disrupt the industry.

About Mr. Americo Leal Rios

Mr Leal is the owner of PYMSA S.A. de C.V. (“PYMSA”), a family-owned Mexican company focused on providing oil services to Pemex, as well as developing other opportunities in the Mexican oil sector. FluidOil and Mr Leal entered into a Framework Agreement in 2013 to offer heavy oil upgrading services in Mexico to Pemex and to raise the profile of FluidOil’s upgrading technology in the country.