Despite the decline in global oil prices, CSP developers involved in providing solar applications for thermal enhanced oil recovery (EOR) remain optimistic.
GlassPoint's 7 MW solar thermal EOR facility in Oman. Image: GlassPoint.
In fact, the limited oil resources that heavy crude-extracting countries with ample sunshine have and the long-term nature of EOR projects might prove to be a golden opportunity for CSP developers to adopt forward-looking strategies. On the one hand, it could provide the right timeframe to decrease production costs and make products more competitive and, on the other hand, it could encourage developers to focus on other CSP industrial applications to better cope with future oil-price swings.
A contrasting picture
No one could have predicted a more different situation. Back in 2012, when oil reached an all-time high at more than USD $110 a barrel, GlassPoint, a company specialized in the design and manufacturing of solar steam generators for EOR, raised USD $26 million in capital. The money came from oil-companies such as Shell Technology Ventures and investment funds RockPort Capital, Nth Power...
For a free two week trial of the Global Tracker, please click here.