HOUSTON, TX / ACCESSWIRE / May 19, 2022 / ENG (NASDAQ:ENG), a leading provider of innovative project delivery solutions for the energy industry, today announced the acquisition of Calvert Group Belgium (Calvert) and its exclusive license to patented gas to liquid (GTL) technology to convert flare gas and stranded gas to synthetic liquids such as crude oil or diesel. Calvert's GTL process has been recognized by The World Bank's 'Global Gas Flaring Reduction Partnership' (GGFR) as one of the leading technologies in small scale GTL for flare gas recovery.
This patented gliding plasma GTL technology requires no pre-treatment or separation of feed gas, accommodates condensates and is low power consuming. Calvert's designs focus on standardized and truck able modules, currently in two sizes of 50 and 100 barrels per day (BPD).
'Our acquisition of this revolutionary and much needed technology has the potential to be transformational for ENG' said Mark A. Hess, CEO of ENG. 'This design-build technology fits well within our current core capabilities and provides an attractive flare solution for clients, both domestic and abroad. While a GTL plant is expected to sell for $4+ million, we are confident that this solution will provide energy companies a cost-effective and environmentally preferable alternative to flaring gas.'
The GLT technology has previously been reviewed and accepted by several large E&P operators and current agreements in principle are in place with oilfield service companies in Oman and India to place a significant number of GTL plants at flare sites once the designs are finalized.
The 50 BPD plant is designed to convert approximately 500,000 standard cubic feet per day (SCFD) of flair or stranded natural gas and the 100 BPD plant is designed to convert approximately 1,000,000 SCFD of flair or stranded natural gas. Calvert's GTL technology is a scalable system for larger flare and stranded gas sites. Considering the long lead-time components, the company believes it can deliver the first plant in six months and, when in production, could initially build in excess of 50 plants per year. The GTL plants will be built in a controlled shop environment and delivered to the flare or gas feed site for quick installation.
Gas flaring, the process of burning-off associated gas from oil wells and hydrocarbon processing plants either as a means of disposal or as a safety measure, is today recognized as a major environmental problem, contributing some millions of tons of CO2 emissions worldwide. It also has major economic implications, with significant volumes of a valuable natural resource being wasted.
For further information on Calvert's Technology, go to http://www.calvertenergy.eu/news.html
ENG (NASDAQ:ENG) is a leading provider of complete project solutions for renewable and traditional energy throughout the United States and internationally. ENG operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems as a complete packaged solution for its clients. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.englobal.com.
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The statements above regarding the Company's expectations, including those relating to its future results, its operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENG's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.
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