Flare2Value (F2V), an energy solutions company in flare abatement; and Occidental Oman (Oxy Oman), the Sultanate’s largest independent oil producer, are pleased to announce the signing of an agreement, where F2V will construct and operate flare gas recovery facilities. The project will reduce emissions and create economic value from captured associated gas.
With the project, F2V demonstrates a novel business model that delivers flare gas utilization solutions and focuses on standardization, modular solutions, and the creation of In-Country Value. The project will capture associated gas that otherwise would have been emitted and achieves this in an efficient manner, utilizing the available energy in high pressure gas.
F2V would like to thank Oxy, the Ministry of Energy and Minerals (MEM) in the Sultanate of Oman, our investors and our partners for their trust and unwavering support through a challenging journey. F2V’s mission is to complete the project and deliver rapid growth in Oman and elsewhere.
Ministry of Energy and Minerals (MEM):
“We are very pleased that Oman can provide a platform for innovation in the area of collecting and utilizing flared gas. What is even more pleasing is the alignment of this project and F2V business with our national aspirations, to reduce flaring of low pressure gases, reduce emission of greenhouse gases, build value in country, facilitate technology and know-how transfer and build a platform for further FDI into Oman. We are looking forward to rapid scale up: delivery of the follow up projects, first in Oman, and the expansion of flare out delivery capabilities,” said H.E. Salim bin Nasser Al Aufi, Undersecretary, Ministry of Energy and Minerals.
“As Oxy was the first US Oil and Gas company to endorse the World Bank’s “Zero Routine Flaring by 2030” initiative, we are proud to sign this agreement with F2V, in continuation of the company’s efforts to reduce routine flaring and maximize the use of natural gas as a valuable energy resource. Taking advantage of innovative solutions will allow Oxy to achieve net-zero in our operational and energy-use emission before 2040 and our total emissions inventory before 2050,” said Stephen Kelly, President and General Manager at Oxy Oman.