Capstone Secures Order for Associated Gas Project in Oman
April 08 2016 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, announced today that it received an
order for a C200 microturbine to power an oil production station in
Muscat, Oman.
Pipe Line Supply Company, Capstone’s distributor for Oman and
Qatar, secured the order which is expected to be commissioned in
August 2016.
The C200 microturbine will be installed in an associated gas
recovery application to utilize onsite fuel that would otherwise be
flared off. Associated gas is a byproduct of the oil extraction
process that is often burned off or flared into the atmosphere. The
200kW microturbine will utilize the associated gas to power onsite
oil and gas equipment, helping to increase oil production
year-over-year. In addition to the microturbine, Capstone will
supply the fuel gas treatment and compression system in cooperation
with Compex, a division of BPC Engineering.
Capstone microturbines were selected for their high reliability
and minimal maintenance, allowing for greater production uptime at
the facility while lowering operational costs. Additionally,
the microturbines have very low emissions and help the facility
meet their greenhouse gas objectives by utilizing the wasted
associated gas and converting it to electricity.
Darren Jamison, President and Chief Executive Officer of
Capstone Turbine, said, “We have identified the Middle East as one
of our strategic growth markets along with Mexico, South America,
Eastern Europe, Australia, Africa and China. The Middle East
provides considerable growth opportunities in traditional oil and
gas applications, particularly in the area of associated gas energy
projects, as it not only reduces harmful global emissions, but it
also lowers oil producers’ operating expenses, which is desirable
under today’s depressed crude oil prices.”
According to the U.S. Energy Information Administration (EIA),
Oman is the largest oil and natural gas producer in the Middle East
that is not a member of the Organization of the Petroleum Exporting
Countries. There are several new exploration and production
projects in development that are expected to contribute to future
oil production growth in the region.
“Oil and gas operators are realizing the many benefits of
utilizing associated gas for power generation in a region that is
otherwise dependent on diesel,” said Jim Crouse, Executive Vice
President of Sales and Marketing at Capstone. “Orders like these
allow us to further showcase Capstone’s industry-leading technology
as the industry works to reduce the amount of flare gas globally,”
added Mr. Crouse.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST) is the world's leading producer of low-emission
microturbine systems and was the first to market commercially
viable microturbine energy products. Capstone has shipped
approximately 8,700 Capstone Microturbine systems to customers
worldwide. These award-winning systems have logged millions of
documented runtime operating hours. Capstone is a member of
the U.S. Environmental Protection Agency's Combined Heat
and Power Partnership, which is committed to improving the
efficiency of the nation's energy infrastructure and reducing
emissions of pollutants and greenhouse gases. A UL-Certified ISO
9001:2008 and ISO 14001:2004 certified company, Capstone is
headquartered in the Los Angeles area with sales and/or
service centers in the New York Metro Area, United
Kingdom, Mexico City, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as
that term is used in the federal securities laws, about the
advantages of our products and oil and gas applications, oil
exploration and production, the market growth in the Middle East
and strategic growth markets around the world. Forward-looking
statements may be identified by words such as "expects,"
"objective," "intend," "targeted," "plan" and similar phrases.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone's
filings with the Securities and Exchange Commission that may cause
Capstone's actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
"Capstone" and "Capstone Microturbine" are registered trademarks
of Capstone Turbine Corporation. All other trademarks
mentioned are the property of their respective owners.
CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
INVESTORS:
Dian Griesel International
Cheryl Schneider
212-825-3210
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