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Capstone Turbine secures first flare gas project order from Colombia oil titan Ecopetrol SA

One of the world's largest oil producers turned to Capstone to replace one of its engine generators in the Rio Ceibas oil field

Oil pumpjack
Supernova Energy Services, Capstone’s exclusive distributor in Colombia in Venezuela, secured the 1 megawatt deal

Capstone Turbine Corporation (NASDAQ:CPST) has received an order for its first-ever flare gas project from Colombian oil giant Ecopetrol SA (NYSE:EC). 

Supernova Energy Services, Capstone’s exclusive distributor in Colombia in Venezuela, secured the 1 megawatt (MW) deal, which is expected to be commissioned later this year. 

Ecopetrol, one of the world’s largest oil producers, has multiple hydrocarbon extraction fields throughout Colombia, Capstone said in a statement  In order to replace one of its reciprocating engine generators in the Rio Ceibas oil field, the company turned to Capstone.

READ: Capstone Turbine's fiscal 2Q revenue higher vs previous quarter

"Capstone receiving this order for a flared gas application in the Colombia region illustrates how consumers are beginning to turn to alternative solutions when it comes to the uneconomical flaring of associated gases," CEO Darren Jamison said. "This order comes on the heels of a recent order of a 1 MW project secured by Supernova in September, and adds to their current 8.2 MW microturbine installed base."

The Van Nuys, California-based company’s C1000 Signature Series will provide electrical power for site operations with associated gas from the oil extraction process that would have otherwise been flared into the atmosphere, Capstone said. 

The system will provide continuous operation at Ecopetrol’s oil field, reducing its overall environmental impact.

"Capstone's Signature Series systems continue to build on their reputation as a go-to-solution for the oil and gas industry," Vice President of Sales and Marketing Jim Crouse said. "Due to their low maintenance and high reliability, our microturbine solutions are an ideal choice for oil and gas operators compared to traditional reciprocating engines."

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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Price: 3.39 USD

NASDAQ:CPST
Market: NASDAQ
Market Cap: $28.53 m
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