Alchemy Sciences develops applied chemical formulations tailored specifically to increase oil and gas production and enhance producer economics.
Jacob Thomas, CEO of Alchemy Sciences, said the company’s vision is “to be the premier provider of improved oil recovery products to the industry.”
Alchemy was founded in 2016 with the goal of improving the low recovery capability of unconventional oil and gas reservoirs.
“Alchemy has successfully developed a portfolio of products that has increased oil production for several key basins and reservoir formations/benches in the US,” Thomas said. "Since the company’s inception, over 40 wells have been treated in the Eagle Ford, the Bakken, the Permian and DJ basin, with half of them in 2022."
The company continuously enhances its new products based on the findings from field tests of their first offerings. Alchemy has been awarded 4 patents with 6 more in the pipeline, which serves to protect its proprietary service offerings.
“We continue work on MinervaSM, the Digital Improved Oil Recovery platform which uses machine learning to facilitate rapid formulation of customized products using already generated lab and field data,” Thomas said.
Alchemy Sciences incubated at the University of Houston Technology Bridge. Thomas said the company has had a great experience working there. He credits the proactive staff, the lab facilities and support systems at the Technology Bridge for helping the company grow over the past five years.
“An incubation ecosystem like the University of Houston’s Technology Bridge is essential for technology startups as they begin their journey.”
Alchemy Sciences will increase the company’s reach across the US, including additional basins and benches. International expansion has also started with Latin America as the first targeted overseas market.
“We are also exploring alliances that will allow quicker and efficient scale-up to increase our reach,” Thomas said. This has become imperative with the rapid growth experienced by the company in 2022.