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Enhance Energy and Fairborne Energy form oil recovery joint venture |
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Written by THE CANADIAN PRESS
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Friday, 29 August 2008 |
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CALGARY - Enhance Energy Inc. and Fairborne Energy Ltd. (TSX:FEL) are forming a joint venture to develop an Alberta oil recovery project that will use captured carbon to boost output from mature fields.
Enhance Energy Inc. is a private Calgary-based company that specializes in the capture and reuse of carbon dioxide to enhance oilfield output.
Fairborne is a junior crude oil and natural gas exploration, development and production company.
The Calgary-based companies said Wednesday that they have a definitive agreement to develop and implement a CO2 enhanced oil recovery project at the Clive oil field in the Leduc and Nisku reservoirs in Alberta.
"This will be a great opportunity for Fairborne, Enhance, the province of Alberta and Canada to demonstrate our abilities to implement a world-scale enhanced recovery project, increasing recovery and the economic life of a mature oil field and creating jobs in the process," said Steven VanSickle, president and CEO of Fairborne in a joint statement.
Susan Cole, president of Enhance Energy Inc., said the project "will provide an anchor field for our CO2 pipeline project in the central Alberta region and we are excited to be at the forefront of developing infrastructure that will allow us to sequester up to 14 million tonnes of CO2 per year at full capacity."
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