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Perseus and Greyrock form JV

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Hydrocarbon Engineering,

Compañia Petrolera Perseus S.A. de C.V. (Perseus), an independent Mexican oil and gas exploration and production company, and Greyrock Energy, Inc., a leader in small scale gas to liquids (GTLs), acting through its subsidiary Greyrock Equity Partners, LLC, are collaborating to provide solutions for the flaring of natural gas in Mexico using Greyrock's Flare-to-Fuels™ systems.

'Flare gas' is produced during the production of crude oil and is often flared (or burned) due to lack of pipeline and processing infrastructure. Flare gas produces CO2, NOx, black carbon, and other pollutants. Improperly operated flares can also vent substantial amounts of methane, which, according to the EPA, is a greenhouse gas 25 times more potent than CO2.

Earlier this year, Greyrock announced its Flare-to-Fuels™ system for the reduction or elimination of routine gas flaring. Using Greyrock's Direct Fuel Production™ technology, Flare-to-Fuels™ systems are designed to convert flare or vented gas into clean transportation fuels.

Perseus was founded in 2015 to pursue oil and gas exploration and production and to perform other related energy businesses primarily in Mexico. "Greyrock's proprietary Flare-to-Fuels™ platform provides an opportunity to simultaneously address an important environmental issue for Mexico and produce cleaner, high quality transportation fuels." said Tomas Milmo Santos, Perseus' Chairman.

"Greyrock is excited to be partnering with Perseus to work on flare gas projects in Mexico and sees this as a significant opportunity to take flares out of service while producing premium fuels." said Robert Schuetzle, CEO of Greyrock Energy.

The World Bank estimates that approximately 140 billion m3 (approximately 5 trillion ft3) of natural gas is flared annually resulting in the emission of more than 300 million tons of CO2 to the atmosphere. If this same amount of flared gas was converted to clean fuel, it would result in the production of more than 18 billion gal./y. Mexico is one of the top 20 flare gas volume countries in the world.

Adapted from press release by Francesca Brindle

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