February 21, 2014
Texas Tech University announced a $1.5 million gift from Occidental Petroleum Corporation (NYSE: OXY) that will name the Oxy Enhanced Oil Recovery Laboratory in the new Petroleum Engineering Research Building.
“Oxy’s new teaching and research laboratory will allow Texas Tech students to learn how to apply the latest in oil recovery techniques and help to evaluate groundbreaking technologies,” said Al Sacco Jr., dean of the Whitacre College of Engineering. “Given the importance of enhanced oil recovery in today’s petroleum industry, these hands-on experiences will provide students with the insight and tools necessary to continue the dominance of oil and gas production in Texas and the U.S.”
The Oxy Enhanced Oil Recovery Laboratory will allow students and faculty members to review novel techniques and procedures in extracting oil and gas that will significantly improve the economic performance of oil fields. This could lead to an increase in the usage and effectiveness of applications, like CO2 flooding, to a broader group of reservoirs.
Prevalent in the Permian Basin of West Texas and Eastern New Mexico, CO2 flooding is a key tool and skill that must be discussed and taught to Texas Tech petroleum engineers in the classroom and laboratory. The Oxy Enhanced Oil Recovery Laboratory will help students know how to choose the right solutions for individual reservoirs and apply them at the right time, an extremely important component in maximizing oil recovery.
“This generous gift will help establish a cutting-edge laboratory at Texas Tech to research and provide the latest skills in petroleum engineering.” said Chancellor Kent Hance. “With $750,000 in anticipated matching funds from the Texas Research Incentive Program, the impact of this contribution on our students, faculty and the industry strengthens tremendously. We are truly grateful to Occidental Petroleum Corporation and its leadership.”
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is oneB of the largest U.S. oil and gas companies, based on equity market capitalization. Oxy’s wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company’s worldwide operations.
“As an industry leader in CO2 flooding enhanced oil recovery, Oxy is proud to strengthen our long-standing relationship with Texas Tech by helping students develop innovative enhanced oil recovery skills in this impressive, first-class facility,” said Bill Albrecht, president, Oxy Oil and Gas, Americas.
CONTACT: Jeff Sammons, director of marketing, Whitacre College of Engineering, Texas Tech University, (806) 742-3451, or email@example.com.