The Hoerbiger Group announced it has acquired a majority stake in the Austrian oil and gas solutions provider Ragsol GmbH. No financial details were provided.
Ragsol, which had been wholly owned by RAG Austria AG, provides comprehensive solutions and products for mature oil and gas fields with the goal of producing oil and gas more efficiently, at lower cost and in an environmentally friendly manner.
Ragsol has more than 80 years of experience in operating and optimizing mature wells. his acquisition is seen as a solid fit for Hoerbiger’s Compression Technology Strategic Business Unit, complementing the present offerings in its Service Division.
“The unique products and smart brownfield approach of Ragsol let the customers increase the efficiency of mature oil fields, reducing operating costs by up to 40% and extending the life of the fields,” said Wolfgang Sautter, head of the Service Division at Hoerbiger Compression Technology. “The Ragsol solutions help our customers to manage their valuable natural resources in a responsible and eco-friendly way. At Hoerbiger, we are looking forward to bringing this exciting new offering to a bigger, worldwide market with our global footprint.”
“At Ragsol, we are very excited to get the great opportunity to line up with an innovative and highly experienced company like Hoerbiger,” said David Doppelreiter, managing director of Ragsol GmbH. “Based on our solutions, combined with the excellent network and know-how of Hoerbiger, I am convinced that Ragsol will become an important technology player in the area of mature oil and gas assets worldwide.”
“RAG Austria AG is delighted to have found a perfect partner for the Ragsol technologies to be applied in Hoerbiger’s worldwide oil and gas activities,” said Markus Mitteregger, CEO of RAG Austria AG. “RAG will focus its future efforts in its growing large-scale gas storage business and the relevant activities in hydrogen storage and gas technologies.”