>>SAN DIEGO and DALIAN, China, April 25 /PRNewswire-FirstCall/ -- In connection with the DNA Day Conference currently being held in Dalian, China, Diversa Corporation (Nasdaq: DVSA - News) today announced that it is collaborating with BITeomics, a Dalian-based biotechnology company, to identify and assess opportunities for Diversa's novel enzyme products within the Chinese oil and gas industry. One of the potential opportunities being explored by the two companies is the utilization of Diversa's heat tolerant Pyrolase(TM) enzymes for hydraulic fracturing of oil and gas wells.
Given tight energy supplies and increasing world-wide demand, well fracturing has become an important technology for increased recovery of oil and gas. Once formations are fractured, controlled breaking of the fluid within the well is necessary to maximize the recovery of the trapped oil or gas. Environmentally friendly enzyme breakers can significantly increase the yield from many types of oil and gas wells. Less efficient chemical breakers are predominantly used in current Chinese oil and gas production. Diversa's Pyrolase(TM) enzymes have broad activity profiles and have demonstrated exceptional commercial performance at high temperature and in highly alkaline conditions. Accordingly, Pyrolase(TM) enzymes are particularly well suited for use in many types of oil and gas wells found in China.
"We see this new relationship with BITeomics as a first step for Diversa in China. China's 2006 five-year plan explicitly calls for increased use of secondary and tertiary recovery of oil and gas, which fits well with the capabilities of our existing portfolio of Pyrolase(TM) enzymes," stated William H. Baum, Diversa's Executive Vice President, Bioscience Products. "Together with BITeomics, we hope to develop a robust market for Pyrolase(TM) enzymes in the oil and gas industry in China," continued Mr. Baum. "Cooperation with Diversa will facilitate cost-effective solutions for the Chinese energy market," said Dr. Xiaodan Mei, Chief Executive Officer of BITeomics. "The collaboration will leverage each partner's strength: Diversa's proven enzyme technologies and BITeomics' knowledge of the local market and skilled biotechnologists."
About BITeomics
BITeomics, known also by its full name Bio Integration Technology, Inc., integrates current frontier scientific and technological achievements through both universities and research institutes to create new intellectual property and bring to market innovations that speed the development of life science products and provide better solutions for healthier living. BITeomics will realize its mission by introducing new chemistries from natural resources to fill the current chemistry vacuum using less capital and human resources; Capitalizing on technologies and knowledge enabled by the revolution in Biology; and creating a knowledge-sharing and knowledge-driven culture and environment. BITeomics also provides market research for bioscience companies interested in developing markets in China for advanced technology products. Additional information is available at BITeomics' website: www.biteomics.com. <<
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Interesting, have they publicly explored initiatives in the oil and gas industry before?
Cheers, Tuck |
