TWO BUSINESSES which provide specialised geological services for the oil exploration industry around the globe have formed a new joint venture company.

Future Geoscience Ltd is a collaboration between Welshpool based Hafren Scientific Ltd  and PetroStrat Ltd whose headquarters are in Conwy, North Wales. Hafren Scientific Group includes Chemostrat Ltd and Origin Analytical Ltd.

The joint venture company aims to offer unrivalled specialised geological services and products for the oil industry and reinforces Wales’ position as a global player in the sector.

Dr Tim Pearce, chief executive of Hafren Scientific Ltd, said: “PetroStrat and Chemostrat have a long history of collaboration.

“However, the joint venture brings together probably the largest and most experienced biostratigraphy and chemostratigraphy service companies in the world with the aim of providing comprehensive, integrated stratigraphy solutions for our clients.”

“These products will be unrivalled in the industry and can be deployed throughout the oil exploration – production cycle.”