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GlassPoint and Occidental of Oman Sign Agreement to Cooperate on Project to Facilitate Oil Production in Oman

November 13, 2018

MUSCAT, Oman--(BUSINESS WIRE)--Nov 13, 2018--GlassPoint Solar and Occidental of Oman announced today that they have signed a Memorandum of Understanding (MoU) that could lead to a large solar thermal energy plant, exceeding two gigawatts, at the Mukhaizna oilfield in the Sultanate of Oman. As the lead developer of the proposed project, GlassPoint would deploy its proven solar technology to produce up to 100,000 barrels of solar steam per day. The solar steam would be purchased by Occidental and used to facilitate production of heavy oil. With preliminary studies complete, engineering work has now commenced to define the project scope and field integration plans.

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GlassPoint’s solar energy technology uses mirrors to concentrate sunlight and produce emissions-free steam, which is used to produce oil more sustainably. (Photo: Business Wire)

H.E. Dr. Mohammed bin Hamad Al Rumhi, Omani Minister of Oil and Gas said, “As we continue to diversify Oman’s economy and develop the renewable energy sector, we are also identifying ways to save our natural gas resources. Oman’s vast heavy oilfields present one of the largest opportunities to deploy solar energy and conserve gas, which can instead be used to fuel industries and generate power. We’re pleased to see this progress between Occidental of Oman and GlassPoint, which can deliver substantial economic and environmental benefits to the Sultanate.”

Operating in Oman for more than 30 years, Occidental of Oman is the largest independent oil producer in the country. At the Mukhaizna field, Occidental of Oman has implemented one of the world’s largest steam flood projects for enhanced oil recovery (EOR).

GlassPoint’s solar steam generators use large mirrors to concentrate sunlight and boil oilfield water into steam. Occidental of Oman would purchase the steam under a long-term off-take agreement, providing a cost-effective, zero-emissions alternative to steam generated using natural gas. The proposed solar project could save more than 800,000 tons of carbon dioxide (CO 2 ) emissions each year.

Occidental Petroleum’s global strategy includes active investment in CO 2 EOR and carbon capture, utilization and storage (CCUS), as well as other emissions-reducing technologies. This low emissions energy utilization project and approach is one aspect being explored and commercialized by Occidental’s Low Carbon Ventures business unit in partnership with asset teams across their global operations. This project will enable technical learning and commercialization success to promote similar projects in other areas to help reduce Occidental’s global carbon footprint.

Steve Kelly, President and General Manager of Occidental of Oman said, “We are excited about working with GlassPoint to enhance our environmental stewardship in Oman and strengthen Occidental’s position in the lower-carbon economy. This is a strategic opportunity for us to tap into solar as a sustainable source of energy in order to minimize the carbon footprint of our operations.”

Steven Moss, CEO of GlassPoint Solar said, “We’re looking forward to building on our success with another major solar project in Oman. Occidental of Oman’s interest shows the scale of opportunity renewables can play in reducing the energy use and environmental impact of oil production. We’re pleased to work with Occidental of Oman to grow Oman’s solar industry and the global market for solar powered oil production.”

Notes to the Editor

About GlassPoint Solar

GlassPoint Solar is the leading supplier of solar energy to the oil and gas industry. The global oil and gas industry consumes an amount of energy equal to 10% of its own production, making it one of the biggest markets for renewable energy. Operating worldwide from the Middle East to the Americas, GlassPoint’s enclosed trough technology delivers the lowest cost energy to power oilfield operations. By harnessing sunshine, instead of burning natural gas or other fuels, GlassPoint helps oil producers reduce operating expenses while significantly cutting greenhouse gas emissions.

About Occidental of Oman, Inc.

Occidental of Oman , Inc. is a wholly owned subsidiary of Occidental Petroleum Corporation, an international oil and gas exploration and production company, and one of the largest U.S. oil and gas companies based on equity market capitalization. Occidental has been producing in Oman for over 30 years, where it has steadily increased production and reserves and is honored to partner with the Government of Oman. Today Occidental is the largest independent oil producer operating in the country, with major operations in the north, primarily at Safah Field, and in the south at Mukhaizna Field. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility throughout its worldwide operations. For more information, visit www.oxy.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005392/en/

CONTACT: TRACCS for GlassPoint Solar

Sudipta Dasgupta, +968 24 649-099

Mobile: +968 94558787

sudipta.dasgupta@traccs.net

or

Occidental of Oman

Abdulaziz Al Siyabi, Office Tel: +968 24524053

Mobile:+968 91230151

Communications and Public Affairs

AbdulAziz_AlSiyabi@oxy.com

KEYWORD: OMAN MIDDLE EAST

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY OIL/GAS OTHER ENERGY

SOURCE: GlassPoint Solar

Copyright Business Wire 2018.

PUB: 11/13/2018 08:30 AM/DISC: 11/13/2018 08:30 AM

http://www.businesswire.com/news/home/20181113005392/en

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