Tony Hayward has been announced chairman of 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 (for Petrobras).

GTL technology will help to ease the path towards the development of 800 fields with 73 billion barrels of potential oil reserves.

Other stats of interest are from the World Bank: 

• Over 150 billion cubic meters (or 5,3 trillion cubic feet) of natural gas are being flared and vented annually.
• The gas flared annually is equivalent to 25% of the United States’ gas consumption, 30% of the European Union’s gas consumption, or 75% of Russia’s gas exports. The gas flared yearly also represents more than the combined gas consumption of Central and South America.
• The annual 35 bcm (or 1,2 trillion cubic feet) of gas flared in Africa alone is equivalent to half of that continent’s power consumption.

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.”