Press Releases

CompactGTL and PETROBRAS sign pilot plant agreement

Sunday, October 1st, 2006

CompactGTL plc and PETROBRAS announced today that they have signed an agreement for the construction and joint testing of a gas to liquids (GTL) pilot plant using proprietary, compact reactor technology developed by CompactGTL.

The pilot plant will produce up to 20 barrels per day of liquids and be tested onshore in Brazil during 2008 and will be designed for further testing offshore on one of PETROBRAS’ producing facilities.

José Formigli, Executive Manager of PETROBRAS E&P Production Engineering, said:

“We have chosen CompactGTL as our partner as we believe they are developing an economic solution for handling the gas produced in association with oil offshore where gas pipelines are not economically viable.”

Carlos Tadeu, Executive Manager of PETROBRAS R&D Center, said:

“We see this joint development as a potential major breakthrough in gas-to-liquids technology for offshore application.”

Peter Riches, Chief Executive CompactGTL, said:

“PETROBRAS is an excellent partner for us because of their outstanding record of innovation in deepwater oilfield developments and they are the biggest operator of offshore floating production facilities in the world.”