Tony Hayward to chair pioneering British company, CompactGTL
Wednesday, March 6th, 2013
CompactGTL, the pioneer of integrated modular, gas-to-liquids (GTL) plants for the oil & gas industry and provider of the world’s first modular GTL plant, today announces the appointment of Tony Hayward as non-executive Chairman of the company.
CompactGTL provides a solution to the industry in relation to associated, stranded and shale gas using modular plants and floating production systems to transform gas into synthetic crude oil. This is an economically compelling offer, allowing energy producers to benefit significantly from the growing gap between the international oil price and regional gas prices, whilst eliminating gas flaring.
The Company has developed a unique modular system for installation at the oilfield which can economically transform the gas into a liquid that is an integral part of the oil stream and marketable at the prevailing oil price.
CompactGTL Chairman, Tony Hayward, said:
“CompactGTL is the clear leader in a currently un-tapped sector of the oil and gas industry, helping to change the perception of GTL through providing a game-changing, economically viable solution to the global problem of gas flaring. The Company is unique in its field, offering compelling opportunities to exploit increasingly abundant gas resources via localised conversion to oil or liquid fuels.
With international oil prices set to stay high but regional and local gas prices heading in the opposite direction, this is a very good time to be pursuing this technology, which has the potential to add significant value to operations through monetising oilfield gas. The Company has an exceptional opportunity to take advantage of its unique technology and project execution capabilities and I look forward to making a contribution to the company as it builds its customer base around the world.”
CompactGTL offers flexible, modular plant and floating production systems that can be installed and operated economically, especially appealing to companies producing oil from isolated fields in remote locations – onshore or offshore – where a large-scale conversion plant would be inappropriate or uneconomic.
A cost-efficient plant enables the conversion of associated gas that would otherwise be flared, and can also permit production from stranded gas fields deemed too small and remote to justify a dedicated gas pipeline.
CompactGTL provided the world’s first and only modular gas-to-liquids plant to Petróleo Brasileiro S.A., (“Petrobras”), which has been operating safely and reliably since 2010. As well as Petrobras, the Company is engaged with numerous oil companies around the world, including French Supermajor Total. CompactGTL also has a world class manufacturing and supply chain that includes Sumitomo Precision Products, Kawasaki Heavy Industries, Fluor, SBM Offshore and Johnson Matthey
Dr Hayward succeeds Jeremy Coller, CIO of Coller Capital, who was the previous non-executive Chairman, and will remain a non-executive director.
CompactGTL Non-Executive Director, Jeremy Coller said:
“CompactGTL has delivered the world’s first modular GTL plant. This potential multi-billion dollar GTL economic game changer is now poised to accelerate its commercialisation across the upstream industry. It is therefore an appropriate moment for me to step down as Chairman and hand over to someone with much more oilfield experience. I am delighted that Tony Hayward has agreed to take over the baton and I am excited to remain on the Board to work with him as we realise CompactGTL’s full potential.”
CompactGTL Chief Executive, Nicholas Gay, said:
“I am delighted to welcome Tony Hayward to the Board. He joins us on the verge of a significant value inflexion point for the Company, as we come within reach of securing the first commercial contracts for modular GTL plants. We have a strong team at CompactGTL, including world renowned experts with decades of experience in large scale gas to liquids plant operations in South Africa and Qatar.”