1. November 2013 Kjeller, Norway.
Institute of Energy Technology (IFE) announced today that they have spun out a new entity Restrack AS.
IFE has over the last 30 years developed tracer technology assisting oil companies in understanding the performance of their reservoirs. Their services have been applied globally over a sequence of years. Restrack AS will now deliver commercially well to well tracer services to the petroleum industry. Tracers are injected into injection wells (water and gas), and the tracer responses are measured top-side at nearby production wells. This allows the oil companies to obtain a better understanding of their reservoirs, enhancing their opportunity to increase oil recovery.
RESMAN will acquire 14.9% of Restrack AS together with IFE (60.1%) as the majority owner and employees in the new company (25%). 12 researchers from IFE will join the start-up of the venture. The team will continue working closely with IFE’s researchers within tracer and petroleum technology. The office location of the new venture is at IFE’s facilities at Kjeller, Norway.
RESMAN see great opportunities for Restrack AS, both in terms of their possibilities for growth and in terms of future cooperation between the two companies. In a world with a growing demand for oil and gas, methods for increasing oil recovery will become ever more valuable. Both RESMAN’s and Restrack’s services, independently as well as combined, are central in order to enable the petroleum industry to better manage the world’s oil and gas reserves.
RESMAN whishes Restrack AS a long and prosperous future!