ABERDEEN energy industry entrepreneur Mark Cavanagh has bought a consultancy in England which helps firms maximise production from oil and gas fields.
Mr Cavanagh acquired Berkshire-based oil Plus from Smiths Group for an undisclosed sum.
He believes the business is well placed to capitalise on oil and gas firms’ efforts to increase efficiency amid what is expected to be a long period of relatively low oil prices.
Oil Plus advises clients on subjects such as the use of water injection to increase output from assets and the management of corrosion.
“As the industry becomes accustomed to living with a lower oil price, Oil Plus can play an important role in supporting businesses to work cost-effectively,” said Mr Cavanagh, who runs Crandale Consultants.
He believes Oil Plus can grow annual turnover to £3 million over the next 12 months, from £2.5m.
The company expects to recruit two additional employees in coming weeks, to take total workforce numbers to 24.
Mr Cavanagh was managing director of XPD8 when the oil and gas services business was sold to Smiths Group in October 2015.
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