Joint Venture could create Welshpool jobs
The Directors of Hafren Scientific Ltd (which includes Chemostrat Ltd and Origin Analytical Ltd) with headquarters in Welshpool, and PetroStrat Ltd whose headquarters are in Conwy announced the formation of a new joint venture company called Future Geoscience Ltd to offer specialised geological services and products for the oil industry.
Dr Tim Pearce, CEO of Hafren Scientific Ltd said: “PetroStrat and Chemostrat have a long history of collaboration, however the JV brings together probably the largest and most experienced biostratigraphy and chemostratigraphy service companies in the world with the aim of providing comprehensive, integrated stratigraphy solutions for our clients. These products will be unrivalled in the industry and can be deployed throughout the oil exploration – production cycle.”
A spokesperson added to us that “Hafren Scienfic have a strong growth plan for all of its component companies”, and the expectation of the Directors is that Future Geoscience Ltd will provide “both stability in the current workforce of the Shareholders and a platform for commercial growth. As the oil price recovers, the primary aim of the company is, without doubt, to grow”.
Paul Cornick MD of PetroStrat Ltd added: “Both Hafren and PetroStrat have considerable in-house laboratory capability and capacity facilitating the JV with a source of high quality data and interpretations on commercial timeframes, providing our clients a unique opportunity to acquire fully integrated data-rich geological solutions to help de-risk their operations.”
The JV is excellent news for the Welsh oil services sector and Hafren Chairman Dr. Carol Bell stated: “The oil industry is slowly recovering, and Future Geoscience combines the strengths of two world leading Welsh companies to provide a new focal point for investment, innovation and jobs. This will help reinforce Wales as a global player in the oil services sector.”
Dr Pearce added: “Hafren wish to thank the Development Bank of Wales for their support in the Group’s growth plans.”
PetroStrat Ltd said it wishes to acknowledge the support of the Welsh Assembly Government’s SME Growth Fund in their long-term plans.
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