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CAD/USD 0.9784 (-0.000)Petroleum Development Oman awards contract for solar steam oil tech regional first play
CBJ - August 4 - The Middle East’s role in oil extraction, exportation and its dominant market presence are well-defined and this looked set to continue—however future extraction takes shape—after Petroleum Development Oman dealt out a contract for the region’s first ever steam generating solar plant in a bid to combat energy requirements as long-in-use lighter oil deposits deplete.
The company, whose major shareholders include oil giant Royal Dutch Shell with approximately one third held, awarded the works to GlassPoint Solar Inc.; a California-headquartered outfit which specialises in solar steam generation for the oil and gas industries.
Chief Executive Officer Rod Macgregor told press that as we continue to exploit light, nearer surface oil, “ultimately everyone will be producing heavier and heavier oil,” as we are forced to explore deeper below surface.
“Oil producers will need steam from somewhere, so they can either burn gas, which many lack, or they can use solar energy,” he stated.
It’s a substantial win for the contractor; the project totals seven megawatts over a four acre site, and according to recent comments from GlassPoint, it centres on carrying out enhanced oil recovery (“EOR”) by utilizing cutting-edge technology and injecting steam to break up and crude and allow for easier extraction.
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