Reports said that Denver-based Crusoe Energy has partnered with Middle East nation to cut the gas flaring with the pilot project scheduled for the end of 2022.
It has been reported that on Wednesday, Bloomberg reported that Crusoe Energy, an operator repurposing wasted fuel energy to the computational power of crypto mining, would start its work in Oman, a nation that exports 21% of its gas production and seeks zero gas flaring by 2030.
However, the American company will open an office in the capital city of Muscat, and install its equipment for capturing gas waste at well sites. It already held a workshop with Oman's largest energy producers, OQ SAOC and Petroleum Development Oman. The first pilot project will be launched by the end of this year or in early 2023, according to Crusoe’s CEO Chase Lochmiller.
The report said that the government of Oman’s interest in the partnership is driven by an aim to cut the country’s gas flaring — burning off the excessive flammable gas in the process of extraction. Together with Algeria, Iraq, Lybia, Egypt, and Saudi Arabia, Oman accounts for 90% of flaring in the Arab region, while the region itself accounts for 38% of global flaring.
In 2018, by the UN’s Economic and Social Commission for Western Asia estimate, 10% of all the gas consumption in Oman went for flaring.
Lochmiller emphasized his company’s mission to set a presence in the Middle East and Northern Africa to help local governments in their fight against flaring.
“Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”
Thus, in March, the media reported that Exxon Mobil partnered with Crusoe to run a pilot project of Bitcoin mining in the Bakken shale basin in North Dakota. This information wasn’t confirmed by the companies.