FMC Technologies, Accentus Form GTL Joint Venture

Thursday, May 08, 2003
FMC Technologies and Accentus announced the establishment of a joint venture company, GTL MicroSystems, for the commercial development of Gas-To-Liquids (GTL) technology. FMC Technologies has a majority ownership interest in GTL MicroSystems. "FMC Technologies' expertise in the design, manufacture and project management of complex offshore facilities and Accentus' world-leading scientists and success with intellectual property development make an excellent combination that can lead to commercial GTL success," said Joseph H. Netherland, Chairman, President and Chief Executive Officer of FMC Technologies. Following a two-year alliance, FMC Technologies and Accentus believe that they have achieved a breakthrough in the fundamentals and economics of GTL technology for the exploitation of the world's stranded and associated gas reserves. The majority of the world's natural gas exists in small, stranded reserves or as gas associated with oil production. These reserves are difficult to economically exploit using current GTL technology. However, GTL MicroSystems believes its technology will allow monetization of gas reserves as small as 10 million standard cubic feet per day (mmscfd), which is the equivalent of 1,000 barrels per day (bpd), at lower per-barrel capital costs than those of traditional, large-scale plants. Commercialization of this GTL technology targets oil and gas fields with 200 mmscfd (20,000 bpd equivalent) of gas production or less. GTL MicroSystems has conducted analytical, laboratory and proof-of-concept trials that have demonstrated the feasibility of manufacturing a compact, high-efficiency, "Process Intensified" (PI) GTL plant using microreactor technology. GTL MicroSystems' proprietary technology should enable PI GTL plants to be located in space-restricted areas, such as on offshore platforms, Floating Production, Storage and Offloading (FPSO) vessels, or mobile skids.

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