Prometheus Energy and Apache Corporation Expand LNG Footprint in Drilling & Completion Operations for Greater Fuel Savings, Lower Emissions Project Builds on Prometheus Energy's Leadership Position in Supply of LNG and Related Services to Oil and Gas Operators
HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Prometheus Energy Group Inc. ("Prometheus Energy"), a leading supplier of liquefied natural gas (LNG) to the oil & gas, mine haul, process industry and remote power generation sectors, today announced the expansion of its LNG Supply and Services Agreement with Apache Corporation (NYSE: APA), a leading oil and gas exploration and production company, and the #1 on-shore driller in North America. The collaboration has resulted in a direct supplier-to-operator fuel platform to provide Apache with the ability to utilize LNG, a cleaner burning alternative gas over other fossil fuels, powering multiple drilling rigs and frac spreads.
Under the expanded Agreement, Prometheus will provide Apache with additional LNG solutions for its new dual fuel and dedicated gas drilling rigs, as well as hydraulic fracturing pumping engines utilized by Apache's oilfield service providers. For over a year, Prometheus Energy has facilitated Apache's strategic focus on delivering reduced emissions, as well as lower costs, in its exploration and production activities.
Other key benefits under the Agreement include:
- Prometheus Energy's single solution to manage LNG supply, logistics, and delivery
- Onsite LNG equipment for storage and regasification
- Technical field services for Apache drilling and completion operations – Midcontinent region
- Builds on an existing relationship as both companies discuss expansion to other operating units
"Prometheus Energy enables oil and gas companies to ideally position themselves for transition to natural gas fueling using LNG, offering an integrated approach in reducing emissions in an economically attractive, low-risk, and technically feasible manner," said Jim Aivalis, Chief Executive Officer of Prometheus Energy. "We are excited to be partnering with Apache, a well-respected leader in the development of clean burning natural gas as a replacement for expensive diesel fuel in drilling rigs and fracturing fleets".
"We are evaluating all options for use of natural gas in all of our field applications, including field gas, CNG and LNG," states Mike Bahorich, Apache's Executive Vice President and Chief Technology Officer. "When you consider the total cost of ownership and the additional project and operational advantages, the evaluation looks very promising for all three fuel applications. Prometheus has done an excellent job for Apache thus far with LNG."
Prometheus Energy's LNG solutions are ideal for industrial users who are looking to improve its environmental footprint and maximize ROI from this age of natural gas revolution.
About Prometheus Energy
Prometheus Energy is one of the largest and fastest growing suppliers of liquefied natural gas (LNG) to the industrial sector in North America. Prometheus provides turnkey fuel solutions to convert industrial users of diesel, propane and other crude-derived fuels to clean, domestic, secure LNG, resulting in reduced fuel cost and environmental footprint. The company is vertically integrated from LNG production through logistics, distribution, onsite equipment and field support. A pioneer in the industrial LNG market, Prometheus is recognized for its industry leadership. Prometheus Energy is privately held by Shell Technology Ventures Fund 1 B.V. and Black River Asset Management LLC, a wholly owned but independently managed subsidiary of Cargill. For more information, please visit www.PrometheusEnergy.com
SOURCE Prometheus Energy