Shenyang, China, September 23, 2015 --(PR.com
)-- Colver Technologies has hailed the resilience of shale oil producers in the US after rig counts rose for 7 straight weeks after months of falls. Data prepared by oil services company, Baker Hughes, reported that American energy companies are persevering with their drilling activities despite the global slump in oil prices.
“It’s good news for the innovative shale producers,” said Gus Stuyvesant, Chief Operating Officer at Colver Technologies. “They’re producing so much gas, so economically that our services are still in strong demand. That they’re able to achieve what they do even with oil prices so low is testament to the soundness of the technology and something of a poke in the eye for OPEC,” he added.
Oil rig count in the US stood at 662 compared to 1,584 at the same time last year, clear evidence of the impact that low crude prices and OPEC’s refusal to cut global oil production has had on the shale industry.
Colver Technologies has had a busy year with new contracts and developments ensuring the China-headquartered small-scale GTL operator remains at the vanguard of activity in its market niche despite competition from far larger rivals.
Recent developments in Central Asia have seen the company asked to trial its technology on government-sponsored projects that could develop into permanent arrangements.
“Colver Technologies continue to advance despite the considerable challenges facing the broader energy market and we firmly believe that investments made at times like this invariably yield far greater rewards when conditions improve,” said Stuyvesant.
About Colver Technologies
Colver Technologies’ modular GTL systems revolve around the Fischer-Tropsch reactor, a conversion technology developed in the 1920s by Franz Fischer and Hans Tropsche in Germany in 1925. It facilitates the production of significantly cleaner-burning liquid fuels like diesel and jet fuel from natural gas that contains no sulfur. We are committed to doing our part to drive uptake of GTL fuels as global efforts to reduce emissions increase and have invested heavily to ensure the continuing development of this highly attractive alternative to conventional energy production.