Chilliwack’s Tycrop made a business move this week that could prove profitable thanks to U.S. President Donald Trump and his policy of getting away from dependence on foreign oil.
Tycrop, based in Rosedale, is the parent company of U.S.-based Propell, which announced Wednesday the acquisition of Texas-based oilfield equipment manufacturer Total Equipment and Service (T.E.A.S.).
Tycrop CEO Scott Mason said in a press release that the acquisition continues Propell’s strategic growth and coincides with Trump’s “America First Energy Plan.”
That plan announced soon after the new president was sworn in aims to remove dependence from the OPEC cartel and lift restrictions to get at the “estimated $50 trillion in untapped shale, oil and natural gas reserves, especially those on federal lands that the American people own,” according to the White House website.
Trump said he is committed to eliminating “harmful and unnecessary policies” such as the Climate Action Plan and the Waters of the U.S. rule.
That policy could be a boon for domestic companies with an interest in oil and gas technology.
“As America maximizes oil and gas production to become energy independent, Propell’s continued growth will support job creation and the expanding oil and gas industry,” Tycrop CEO Scott Mason said. “Propell is considered unique in the industry for the capabilities and investment in equipment design, engineering, manufacturing systems and customer support. We’re continually making improvements that directly impact our customer’s bottom line by setting new standards in operational performance and protection of workers and the environment—now we have significantly grown that capability.”
Propell has manufactured and renewed equipment for major well service companies in the U.S. and Canada since 2008.