Capstone Secures C1000 Signature Series Unit Order for Australia’s Leading Oil and Gas Exploration a | CPST Message Board Posts

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Msg  82991 of 83038  at  12/5/2018 8:34:06 AM  by

Longtimetrader


Capstone Secures C1000 Signature Series Unit Order for Australia’s Leading Oil and Gas Exploration and Production Company

 

www.capstoneturbine.com) (CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured an order for one C1000 Signature Series unit that will be shipped to Australia’s leading oil and gas exploration and production company.
" style="font-family: Georgia, "Times New Roman", serif; font-size: 18px; background-color: #ffffff;">VAN NUYS, Calif., Dec. 05, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (
www.capstoneturbine.com) (CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured an order for one C1000 Signature Series unit that will be shipped to Australia’s leading oil and gas exploration and production company.

The order secured by Optimal Group, Capstone’s Australian distributor, will be used for the production of crude oil. The system will be replacing a gas turbine power plant to power linear sucker rod pumps. Due to the type of load, Capstone’s solution was seen as the best option. This is the first microturbine that will be used in a project that includes hundreds of kilometers of underground transmission lines, train transportation, and storage facilities that have been supplying gas for Australian and Asian markets since 2015. To meet the increased production and demand, more wells are being drilled and producers are looking to improve efficiency.

“The region is currently undergoing a gas supply shortage that is driving new investments from producers seeking ways of lowering operating cost while still meeting the demand,” said Darren Jamison, President and CEO of Capstone Turbine.

In recent years, Australia’s energy exports have grown by 4% as new infrastructure to support the increased demand continues to come online. Apart from crude oil, Australia is forecasted to become the number one exporter of natural gas. According to Australia’s Energy Market Operator, by 2020 approximately 80% of natural gas production in the country will be exported, making Australia one of the biggest exporters of liquefied natural gas (LNG) in the world.

“In recent years, Australia has emerged as a leader in gas production,” said Jim Crouse, Executive Vice President of Sales and Marketing of Capstone Turbine. “We anticipate this region to continue growing in terms of export,” concluded Mr. Crouse.

About Capstone Turbine Corporation



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