Market Overview

Glori Energy Enters Contract with Petroleum Development Oman (PDO)

HOUSTON--(BUSINESS WIRE)--

Glori Energy, a leader in sustainable, enhanced oil recovery and provider of the AEROTM (Activated Environment for Recovery of Oil) System, today announced the signing of a field implementation contract with Petroleum Development Oman, LLC (PDO), the national oil company of the Sultanate of Oman. Under the agreement, Glori will deploy its AEROTM System for enhanced oil recovery into an existing PDO field in southern Oman. When compared to alternative enhanced oil recovery methods, Glori's technology, which is based on natural biologic processes, has a much lower cost and is more environmentally sustainable.

Under the contract, Glori immediately deploys resources and commences its S3 Process to customize the AEROTM System for the PDO field. Upon completion of the customized solution, Glori's team will work with PDO to implement the AEROTM System in the field. In support of this contract and other opportunities in the region, Glori will expand the capabilities of its regional office located in Muscat, Oman.

“Glori is delighted to have the opportunity to enter into this field implementation project with PDO,” said Stuart Page, CEO of Glori Energy. “As our first Middle East project, this contract represents a key expansion of Glori's geographical scope and establishes a footprint for Glori in a very important oil region. Glori has demonstrated compelling results in field projects in the US and looks forward to achieving similar success in Oman.”

About PDO

Petroleum Development Oman (PDO) is the leading exploration and production company in the Sultanate of Oman, accounting for more than 70% of the country's crude-oil production and nearly all of its natural-gas supply. The Company is owned by the Government of Oman (which has a 60% interest), the Shell Group (34%), Total (4%) and Partex (2%).

About Glori Energy

Glori Energy's mission is to sustainably and efficiently recover billions of barrels of oil trapped in reservoirs using existing oil wells. Glori partners with oil producers to significantly increase their oil production through the deployment of its AEROTM (Activated Environment for Recovery of Oil) System. The system makes use of existing non-potable water sources, optimizing the water quality to activate and sustain the indigenous reservoir microbial life with the desired metabolic activities. The AERO™ System provides a new, viable option to recover previously trapped oil with minimal new footprint or investment. For more information visit: http://www.GloriEnergy.com.

BIGfish PR
Meredith Frazier, 617-713-3800
glori@bigfishmarket.com

 

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