AEC was founded in 2009, with 10 companies involve

AEC was founded in 2009, with 10 companies involved at the start. As the downturn has taken its toll, this has dwindled, but still includes Repsol, Statoil, Shell and Total. To date, the group has spent more than US$50 million in research, with some 50 patents filed and 200 publications, Melo says. The Bureau of Economic Geology at the University of Texas at Austin, is managing the organization.

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