Australian based Indonesian oil producer Bass Oil (ASX: BAS) is pleased to announce that it has entered into a Memorandum of Understanding (MoU) with the Bandung Institute of Technology (ITB), Indonesia, and Sejong University, South Korea. The focus of the MoU is to evaluate the potential of “Carbon Dioxide-Enhanced Oil Recovery” (CO2-EOR) to improve oil recoveries from oil fields operated by Bass now and acquired in the future.
This MOU expands Bass relationship with these two respected universities. Earlier this year Bass announced it has signed an MoU with ITB (https://www.itb.ac.id/) and Sejong University(http://eng.sejong.ac.kr/index.do) to collaborate on research in relation to the implementation of smart, low-salinity water-flooding systems for enhanced oil recovery specific to small-scale onshore Indonesian oil fields.
Managing Director, Tino Guglielmo said “Bass has observed that, on average, oil recovery factors achieved in Indonesian oil fields remain relatively low when compared to other regional analogues. This presents us with a significant business opportunity. Bass welcomes the opportunity to work alongside these respected Asian universities and their research teams to apply the outcomes of the studies, laboratory trials and field scale pilot projects, to improve oil recoveries to Bass from its' current and expanding portfolio of oil properties.”