FluidOil Ltd. said April 4 it has completed the acquisition of the intellectual property of Vancouver, Canada-based Ivanhoe Energy Inc. for an undisclosed amount.
The deal includes the acquisition of Ivanhoe Energy's Texas-based subsidiary Ivanhoe Energy Holdings Inc.
The acquisition consolidates London-based FluidOil's position as a global leader in onsite oil upgrading technology, according to the release.
Ivanhoe Energy is focused on heavy oil development and production with core operations in Canada, Ecuador, China and Mongolia. The acquisition includes license to its heavy oil to light oil (HTL) upgrading technology, which provides an alternative to the traditional approach to the transportation of heavy crude oil.
Ivanhoe Energy's HTL technology will be incorporated into FluidOil's existing Viscositor technology to create a fully patented, enhanced, heavy oil upgrading solution, to be called Viscositor HTL.
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