Capstone Secures Order for Associated Gas Project in Oman
CHATSWORTH, Calif., April 08, 2016 (GLOBE NEWSWIRE) -- 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.
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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 email@example.com INVESTORS: Dian Griesel International Cheryl Schneider 212-825-3210
Released April 8, 2016