TXO’s () oil clean-up subsidiary Morgan Oil Marine has had a contract to treat waste slduge near Freeport extended with work continuing.
In addition TXO added that its associate Oil Recovery Services and Athabasca Resources (ARL) had agreed heads of terms on a new joint venture. ARL is in the process of acquiring leases in the Athabasca oil sands region of Canada.
ORS believes its waste oil treatment technology can be adapted and deployed for use in the recovery of oil bitumen from the Athabasca oil sands which will avoid the need for steam generation as part of the production process.
The joint venture will develop and exploit the technology enabling recovery of oil and bitumen from the leases and such oil sands throughout the territory.
Tim Baldwin TXO’s chairman and chief executive said: “We are pleased that MOM is still fully engaged under the terms of its existing contract and continues to work in partnership with ORS in this regard and that ORS has now agreed a joint venture with Athabasca.
”Negotiations regarding other viable projects are continuing."
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