Chelsea FC owner, Roman Abramovich invests $15m in Propell Technologies
Roman Abramovich the Russian billionaire who made his money in Oil took a strategic position in Propel technologies last year just so he has a foothold with this new fracking technology that could revolutionize the way exploration and production companies increase their well output.
“This will not merely be a $15 million investment,” an anonymous OilPrice source said of the Plasma Pulse deal. “You have to read between the lines here. Abramovich doesn’t do anything small. He’ll get the infrastructure in place and then look to acquire a significant position in the US oil sector at today’s fire sale prices. We’ll probably be looking at hundreds of millions in investment at the end of the day.”
Plasma Pulse is a wireline applied intervention that uses electrical pulses to clear near well bore damage and improve production cost effectively, without acidization, hydrofracking or other chemicals.
In simple terms, instead of injecting high pressure fluid into a well to create small fractures to aid during the oil recovery process, the Plasma Pulse Treatment produces a high energy plasma arc that is designed to stimulate the reservoir and removes debris from the well perforations. Oil can then flow more easily from the reservoir into the well and be pumped to the surface.
We are one of the few oilfield service companies in the US which has an agreement to utilise Propell Technologies Plasma Pulse well stimulation tool.
In trials across Russia, China and now the US, the Plasma Pulse Technology (PPT) has increased production by an average of over 295%.
With the price of oil down 77% from 18 months ago, there are a lot of small independent well owners struggling to stay afloat. This presents us with an excellent opportunity to acquire some wells at very competitive prices and re-work them utilising the Plasma Pulse Technology.