Expro Wins Funding for Carbon-reducing Technology Development

Rhea-AI Summary

Expro has secured funding for two carbon-reduction projects as part of the Net Zero Technology Centre’s 2022 Open Innovation Program, aimed at enhancing clean energy solutions. The £8 million fund was awarded to 20 selected projects from 154 entries, focusing on venting and flaring technologies. Expro's projects include real-time flare emissions measurement and a solution for well testing without flaring, demonstrating its commitment to net zero. The successful projects could deliver £7.8 billion in Gross Value Added and reduce annual CO2 emissions by 3.1 million tonnes.

Positive

• Secured funding for two carbon-reduction projects amounting to £8 million.
• Projects recognized for their potential to significantly reduce emissions.
• Demonstrates commitment to innovation in clean energy technologies.

Negative

• None.

Flaring and venting solutions recognized for supporting transition to net zero

HOUSTON--(BUSINESS WIRE)-- Expro (NYSE: XPRO) has been awarded funding for two carbon-reduction projects as part of an innovation program to accelerate clean energy production and close the gap in net zero technologies.

Steve Russell, Expro's Chief Technology Officer (Photo: Business Wire)

The Aberdeen-based Net Zero Technology Centre (NZTC) has awarded a total of £8 million to fund net zero technologies as part of their 2022 Open Innovation Program. The 20 winning technologies were selected from 154 qualified entries and fall into seven focus areas. The technologies faced a rigorous selection process, ensuring each supports the transition towards net zero, with an obligation of trialing and deploying the technology within the UK Continental Shelf.

Expro secured both projects awarded in the Venting and Flaring category.

Expro’s two winning projects focus on:

• real-time flare emissions measurement and control
• a unique technological solution to enable well testing to be conducted without the need for flaring

These showcase Expro’s commitment to continuously evolve its portfolio of technologies and services to drive the shift to net zero. Both projects build on the company’s existing capabilities to promote more measured and efficient means of flaring, and to offer alternatives to traditional flaring, in support of operators’ carbon-reducing commitments.

The NZTC believes the 20 successful technology projects will deliver £7.8bn Gross Value Added along with an impact of 3.1Mt CO₂e annually.

Expro’s Chief Technology Officer Steve Russell said: “We are delighted to receive the recognition and funding in this program to help further develop these technological solutions that will play a part in accelerating the industry’s journey to net zero.

“Technology is a critical component in energy transition progression, as are collaboration and partnership to achieve our collective goals. We are committed to addressing our own and the industry’s effects on the planet, and this includes working with clients around the world to develop and implement solutions to reduce emissions from non-essential flaring.”

Recent case studies demonstrating this approach include:

• Expro recently supported a customer in the Middle East to reduce gas flaring and optimize production at 10 production sites. Expro undertook a detailed study to find an economic alternative to flaring. The solution was to use gas to power compressors, which were delivered, installed, and commissioned within 32 weeks. The fast-track project was estimated to reduce greenhouse gas (GHG) emissions by up to 10,000 tonnes of CO₂e per day. Using the compressors also reduced operational expenditure while optimizing production and extending field life.

• In Asia Pacific, Expro supported a client by executing a two-well clean up with zero flaring of hydrocarbons. The campaign was part of a greater objective to reduce GHGs and wasteful flaring during well operations. Expro designed and delivered a well test process that saved an estimated 4,000 tonnes of CO₂e emissions during clean-up operations.

Discover more at Sustainable Energy Solutions (expro.com)

NOTES TO EDITORS:

About Expro

Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company believes to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.

With roots dating to 1938, Expro has approximately 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company’s environmental, social and governance goals, targets and initiatives, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221013005123/en/

MediaRelations@expro.com

Source: Expro

FAQ

What funding did Expro receive in the latest press release?

Expro received funding for two carbon-reduction projects totaling £8 million as part of the Net Zero Technology Centre's innovation program.

What are the focus areas for Expro's awarded projects?

The awarded projects focus on venting and flaring technologies to support the transition to net zero.

What is the expected impact of the funded projects by Expro?

The successful projects are anticipated to generate £7.8 billion in Gross Value Added and reduce annual CO2 emissions by 3.1 million tonnes.

When was the funding for Expro's projects announced?

The funding was announced as part of the Net Zero Technology Centre's 2022 Open Innovation Program.