Occidental Pet (NYSE:OXY)
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1 Year : From May 2018 to May 2019
ABU DHABI, United Arab Emirates, Nov. 14, 2018 /PRNewswire/ -- In recognition of its demonstration plant in La Porte, Texas, NET Power, LLC, was awarded the 2018 Breakthrough Technological Project of the Year at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). ADIPEC is one of the world's largest and most influential oil and gas events. NET Power's 50MWth plant demonstrates the company's low-cost, emissions-free, natural gas electric power system. It is the world's first and only industrial-scale supercritical CO2-based power plant.
By generating non-intermittent, competitively-priced power with full carbon capture, NET Power will help the world to reach deep decarbonization targets at the lowest cost. Using its novel power system, the company strives to push the cost of CO2 capture so low that it will be more economic to re-use and sequester carbon than to emit it into the atmosphere. NET Power's CO2 can be used for enhanced oil recovery or oil field pressure maintenance, with the goal of cutting the carbon footprint of fossil fuels to zero. In addition, NET Power's CO2 can be directly and safely sequestered in saline aquifers, sedimentary deposits, and depleted oil fields. Ultimately, NET Power's goal is to make CO2 so affordable that it will catalyze the establishment of a new carbon economy built around novel CO2 utilization technologies, such as sour gas cleanup and the production of carbon nanofiber, methanol and concrete.
In May of this year, NET Power achieved first-fire at its 50MWth demonstration power plant. The last phase of testing is underway and is expected to be completed in early 2019.
Since commencing development in 2014, NET Power identified important market needs by working with major power, oil, gas, chemical and industrial companies worldwide. In early 2019, NET Power expects to commence detailed engineering of 300MWe commercial-scale plants with customers.
NET Power is owned by Exelon Generation (NYSE: EXC), McDermott (NYSE: MDR), 8 Rivers Capital, and, subject to regulatory approval, Oxy Low Carbon Ventures, LLC, a subsidiary of Occidental Petroleum Corporation (NYSE: OXY).
NET Power, LLC, is a Durham, NC-based company developing the natural gas-fueled Allam Cycle power system. For more information, please visit www.NETPower.com.
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