Strange bedfellows: Solar power meets oil drilling

A company that uses solar energy to recover crude has scored big financing from some major oil players—and highlights a growing niche of global oil exploration.
 
GlassPoint Solar last week landed a $53 million investment from Royal Dutch Shell and the sovereign investment fund of Oman for its enhanced oil recovery (EOR) technology. In a twist of irony, GlassPont's technology runs on solar power, which produces steam to help pump more fossil fuel from conventional crude plays.
 
GlassPoint has been using this technique in Oman since 2012, and it helped the firm score more than double its initial funding. Given the age of its oil fields, Oman relies on EOR—a complex process that extracts more oil than traditional drilling—to boost production.
 
Although EOR is common to the oil industry, using the power of the sun "is expanding very rapidly, and is a very new technology" said Rod MacGregor, GlassPoint's CEO, in an interview. "This application looks like the next step for solar."

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Joyce Dayton Corp - Solar Tracking Jacks Solutions

Joyce Dayton Corp - Solar Tracking Jacks Solutions

Joyce/Dayton, North America's premier manufacturer of screw jacks and actuators has been in continuous operation for over 140 years. Joyce has become the trusted name in solar tracking with more than 2 gigawatts of power generation equipment in service world-wide. Consider the benefits: • Reliably position 50 tons (or more) • Long life/Low maintenance design • Motorized to meet customer specifications • Customer specified load/speed/fit • Built to ISO9001:2008 standards • Superior surface protection • Integral Trunnion mount • Easy to install. Joyce delivers more than the finished product. Quality is built into the whole process from expert engineering support during design conception to top-notch customer support after shipment. Contact Joyce for the products and support you need.