Prometheus Energy Signs Major LNG Supply and Services Agreement with Antero Resources in Marcellus/Utica Basins Project Builds on Company's Growing Scale, Expertise in Natural Gas to Drilling & Fracturing Operations
HOUSTON, Aug. 19, 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, announced today that the company has signed a major agreement to supply Antero Resources' LNG requirements to power a significant portion of its natural gas fueled drilling rigs in the Marcellus and Utica Shales over a multi-year period.
Under this agreement, Prometheus Energy will provide LNG supply, logistics delivery and onsite LNG equipment for storage and regasification at a number of Antero drilling sites in northern West Virginia and eastern Ohio. In addition, Prometheus will provide technical field support to facilitate safe and reliable LNG applications across these sites.
Antero is a leading operator in the Marcellus/Utica region, and has strengthened its commitment to natural gas based drilling, while realizing a reduction in operating costs and optimizing well completion, according to Prometheus Energy. The process of using clean-burning natural gas significantly reduces its emissions of nitrogen oxides and particulate compared to the diesel fuel traditionally used to operate drilling and fracturing equipment. Antero will use both conditioned field gas, as well as LNG, to power its drilling and fracturing operations.
"Prometheus Energy enables oil and gas companies to ideally position themselves for LNG transition when appropriate, by 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 Antero, a well-respected operator as well as an obvious innovator in terms of its major commitment to natural gas for clean power in its oil and gas operations."
LNG is gaining momentum throughout the E&P industry and Prometheus Energy recognizes that oil and gas producers are in a great position to capitalize when it comes to LNG transition. This agreement continues to demonstrate Prometheus Energy is well-placed to meet the region's demand for a safe, reliable, and a cleaner burning source of energy.
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