Oil innovation company chosen as North American winner for biosurfactant solutions that improve financial stability and sustainability
As operators search for new oilfield chemistries, S&P Global Platts is recognizing biosurfactants as a top green technology that can improve sustainability, increase profitability of current well operations and minimize new drilling. The solutions were developed by Locus Bio-Energy Solutions® (Locus BE), which has been named a finalist in the 2020 S&P Global Energy Awards for two categories: “Rising Star Company” and “Emerging Technology of the Year”.
Locus Bio-Energy Solutions™ (Locus BE) has received ISO 9001 accreditation for the proprietary fermentation processes used to produce its award-winning biosurfactants for oilfield applications. The accreditation confirms Locus BE operates with quality management systems that ensure the oil innovation company can consistently meet customer demands, and validates the quality and consistency of its patented technology and green EOR well treatments—which outperform synthetic chemicals in recovering oil at a fraction of the dosage rate and cost.
A tax credit recently approved by the Texas Railroad Commission under Statewide Rule 50 (Texas Administrative Code Rule 3.50) that qualifies leases using Locus BE’s unique non-living biological process for tertiary EOR to receive a 50% Severance tax break annually for the next 10 years.
As operators scramble to cut costs, the Texas Railroad Commission (RRC)—which oversees all oil & gas operations in the state, including the top U.S. oil producing Permian Basin—voted to approve a new 10-year H13 tax credit for use of a green EOR technology. Known as the AssurEOR program and developed by Houston-based oil innovation start-up Locus Bio-Energy Solutions, the biosurfactant treatments are the first cost-effective and environmentally friendly products proven to sustainably increase oil production by 40% or more and extend the lifespan of declining wells—boosting revenue and financial stability.