Zug, Switzerland – effective January 31, 2020, the HOERBIGER Group has acquired the majority stake of the Austrian oil and gas solutions provider RAGSOL GmbH, previously belonging to RAG Austria AG. RAGSOL provides comprehensive solutions and unique products for mature oil and gas fields with the goal of producing oil and gas more efficiently, at lower cost, and environmentally friendly.
RAGSOL gives customers in the upstream segment of the oil and gas industry access to more than 80 years of experience in operating and optimizing mature wells, combined with new state-of-the-art technology. This acquisition is a perfect 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 RASGSOL let the customers increase the efficiency of mature oil fields, reducing operating costs by up to 40 percent and extending the life of the fields. The RAGSOL solutions help our customers to manage their valuable natural resources in a responsible and eco-friendly way” says Wolfgang Sautter, Head of Division Service, HOERBIGER Compression Technology. “At HOERBIGER, we are looking forward to bringing this exciting new offering to a bigger, worldwide market with our global footprint” he continues.
“At RAGSOL we are very excited to get the great opportunity to line up with an innovative and highly experienced company like HOERBIGER. 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” says David Doppelreiter, Managing Director of RAGSOL GmbH.
“RAG Austria AG is delighted to have found a perfect partner for the RAGSOL technologies to be applied in HOERBIGER’s world wide oil and gas activities. RAG will focus its future efforts in its growing large-scale gas storage business and the relevant activities in hydrogen storage and gas technologies” says Markus Mitteregger, CEO of RAG Austria AG.