Houston-based Star Energy International Corporation (SEIC) announced an acquisition of Glori Energy Technology Inc (GETI) aiming at increasing production and recovery from mature oil fields, a media report said.
With the acquisition on Saturday, Star Energy will continue to innovate and improve the Activated Environment for Recovery of Oil (AERO), a kind of method using biotechnology to recover oil from old oil fields.
"This transaction underpins the company's strategy for growth. We are excited to see this transaction completed and look forward to having Glori integrate with our existing assets and employees to further grow our US and international business," Xinhua news agency quoted Star Energy chairman Linhua Guan as saying.
"Due to the low-price running of oil in the global market, the oil field assets and technologies intend to be undervalued. It's good time to purchase assets or technologies as smart investment."
Established in 2005 in the US state of Delaware, Glori entered into a partnership in 2009 with Statoil to develop biotech-based production enhancement technology. Statoil is a Norwegian oil and gas company, which developed an early version of AERO.
Earlier this year, AERO was named one of the top technical breakthroughs by China National Petroleum Corporation (CNPC).
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The Star Energy is an oil and gas investment and management firm headquartered in Houston, Texas, with extensive network from the North America to emerging markets.
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