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Bass Oil expands research relationships to improve oil recoveries

Bass considers the collaboration with leading Indonesian and South Korean universities to be a notable business opportunity.

Tangai-Sukananti is in the prolific South Sumatra basin in Indonesia

Bass Oil Ltd (ASX:BAS) has entered into a memorandum of understanding (MoU) with the Bandung Institute of Technology Indonesia (ITB) and Sejong University in 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.

The MoU expands the Australian-based oil producer’s relationship with the two universities.

Earlier this year Bass signed an MoU with both universities to collaborate on research to implement smart, low-salinity water-flooding systems for enhanced oil recovery specific to small-scale onshore Indonesian oil fields.

‘Significant business opportunity’

Bass 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.”

ITB will evaluate oil field samples provided by Bass and give engineering support to the research project.

Sejong University will provide the facilities to conduct the laboratory work for CO2-EOR analysis and design.

Low-cost onshore oil production

Bass is an exploration and production company with low-cost onshore oil production in Indonesia.

The company has a 55% interest in the Tangai Sukananti joint venture assets in the South Sumatra region.

As of last year, Tangai was producing an average of 600 barrels of oil per day from 4 wells.

Bass’ gross 2P reserves from its 55% Tangai holding amounts to 1.28 million barrels of oil.

Quick facts: Bass Oil Ltd

Price: 0.0015 AUD

Market: ASX
Market Cap: $5.01 m

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