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YPF, Flotek Ink Tech Development Deal; Vaca Muerta Focus

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   |    Monday,July 25,2016

Flotek Industries, Inc. has signed a five-year joint technology development agreement with YPF Technologia S.A., the technology arm of YPF Sociedad Anonima, the vertically-integrated national energy company of Argentina.

Flotek and Y-TEC will jointly work to develop new technologies and new applications of current technologies with a focus on the oil and gas industry as well as industrial applications beyond energy.

Flotek and Y-TEC's initial collaboration in the energy space will focus on:

• The use of customized chemistry to develop "full fluid systems", building from Flotek's patented CnF® and PrF™ technology platforms for deployment in both the Vaca Muerta shale and Neuquen tight gas basins.
• Design and implementation of a YPF-centric data management application emphasizing chemistry.
• Local supply and production of d-limonene (citrus terpenes) for applications in new and existing wells as well as other industrial and commercial applications.

Ing. Santiago Sacerdote, Gerente General of Y-TEC, said: "We believe Y-TEC's partnership with Flotek, focused on innovative custom chemistry, combined with integrated data analysis will enable us to continue to design more efficient and effective solutions for the development of both conventional and unconventional resources. Y-TEC fully embraces Flotek's philosophy of 'enabling and protecting reservoirs' with the appropriate applications of precision, customized chemistry."

John Chisholm, Flotek's President, Chairman, and Chief Executive Officer, added: "We are pleased to partner with Y-TEC in their efforts to embrace and deliver innovative technology in the energy sector as well as other industries in Argentina. The planned openings of Y-TEC's ambitious new research facility as well as Flotek's new Global Research and Innovation Center in the coming months illustrate both companies are committed to cutting-edge research and innovations and further supports our collaborative effort that will include the sharing of research personnel and resources across the Americas."