Oleum Technology, LLC is an oil field services provider that owns global rights (exclusive of Venezuela and Ecuador) to a proprietary digital technology that greatly improves the efficiency of many common types of oil wells. The patented technology, known as System of Integrated Production (SIP) has, after extensive testing in Venezuela and Ecuador, shown to increase crude oil production from 10% to 40% and often higher. The SIP achieves these positive results by employing a unique algorithm that systematically suppresses well gas and water discharge increasing oil flow. Two major secondary positive impacts of SIP usage: 1.) To significantly decrease disposal costs of wastewater and waste gas and, 2.) To minimize negative environmental impacts for wastewater and waste gas.
The SIP’s proprietary software algorithm monitors and regulates the pressures inside the well producing an optimal flow pattern resulting in increased oil flow. There is no other technology like this in the marketplace.
The company is currently in the process of installing test systems in Mexico for Pemex and in Colombia for Ecopetrol. Oleum anticipates full production contracts in both countries to follow by December of 2017. Also, plans are underway to install test SIPs in Oman and Nigeria, with full production contracts expected early 2018. Management believes the company has a short path to positive cash flow that will easily scale to a billion-dollar plus company.
Oleum is founded on life-long oil industry professionals. Oleum’s oil field engineering team has over 150 years of combined oil field experience. However, the leadership’s foundational experience also extends through Fortune 500 businesses, top-level academic institutions, international media, and the arts. This combination of diverse experience and oil industry knowledge makes it easy to understand why Oleum most valuable assets are the people that make up the team.The future of oil technology is on the world’s doorstep. The Oleum system is poised to revolutionize the industry by increasing production and profits, while lowering waste disposal costs and mitigating harm to our environment. Everyone wins.
A Brief History of the Invention of SIP
The SIP technology was invented by Ender Boscan in Venezuela at the height of Venezuela’s oil boom. Mr. Boscan, an engineer for Venezuela’s state owned PDVSA oil company, was attempting to minimize wastewater production during the pumping of oil when he stumbled upon the fact that the correct manipulation of the relative pressures of the waste gas and wastewater resulted in an increased flow of oil through the pump. Mr. Boscan advanced this concept, engineered a software algorithm, and designed the hardware to perform this on a constant and automated basis. As a result, Mr. Boscan signed a multimillion-dollar deal with PDVSA for installation of the system in Venezuela. Due to an unstable political climate in Venezuela and his need for an experienced international business partner, Mr. Boscan signed a global rights deal (exclusive of Venezuela and Ecuador) with Oleum Technology for the SIP. Although Mr. Boscan is still a consultant and advisor for Oleum, with an ongoing financial interest in the sale of the technology, he has turned his focus to development of new projects.