Smart Ventures Inc (OTCMKTS:SMVR) entered into a partnership agreement with “AGENCE des CONSTRUCTIONS et des FORMATIONS PROFESSIONNELLES”, after this stated as A.C.O.F.LTD. The company will work on the project management and look after procurement of subcontractors. Smart Ventures and A.C.O.F.LTD will work on the construction of 55 Mgw Hydro Power Plant project based in the Democratic Republic of Congo.
A.C.O.F.LTD acquired the concession contract from the Governor of Maniema Province on December 24, 2014. The government gave payment assurance in the form of mineral concessions representing two oil blocks and two mines awards. Smart Ventures Inc (OTCMKTS:SMVR) provided a tender request to selected subcontractors to commence the environment assessment for the proposed site for construction.
The joint project of A.C.O.F.LTD and Smart Ventures is anticipated to a $150 million construction project that will complete within next 3 to 5 years. The project falls under private-public venture with an expected power purchase deal for 20 years. A.C.O.F.LTD and Smart Ventures will own 70% and 30% of the venture as part of the partnership deal.
In unrelated news, Smart Ventures Inc (OTCMKTS:SMVR) also announced its new EOR technology. In enhanced oil recover technology, a chemical compound is injected into fields’ injection well. It is done through the water flood process that results in displacement of the oil in the reservoir. As a result, there is volumetric sweep efficiency. The total oil recovery is calculated as VSE x ODE.
There is a need of new technology as oil fields become depleted. The chemical use can improve both oil displacement efficiency as well as volumetric sweep efficiency. The new EOR technology can maintain production through well stimulation. It results in efficient secondary recovery operations. The current processes implemented are very expensive. Once Smart Ventures Inc (OTCMKTS:SMVR) completes its testing, it will be able to minimize the cost of enhanced oil recovery.