Raytheon Sells Heavy Oil Extraction Technology to Schlumberger
Posted on: Wednesday, 23 January 2008, 09:01 CST
US-based defense technology firm Raytheon has sold its radio frequency energy and critical fluids based heavy oil extraction technology to oilfield service provider Schlumberger.
The technology has been developed as part of a joint development program between Raytheon and critical fluid technology firm CF Technologies.
Lee Silvestre, vice president of Raytheon IDS's mission innovation group, said: "Schlumberger is the world leader in bringing new technology to the field for the exploration and production of oil. Its acquisition of this technology is an important milestone in Raytheon's approach to applying proven technology that can unlock new potential in adjacent markets."
Source: Datamonitor
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