As well as the investment, however, the duo has also said they plan to identify and pursue business development opportunities that have the potential to reduce both fuel costs and carbon emissions from power consumption on well-sites.
Well drilling and completion is an energy intensive process and use of Galileo’s technology can enable the monetization of natural gas from any source (well head, flared, pipeline, stranded) by converting it into low carbon intensive LNG.
The converted LNG can be reused on site or transported and stored with ease creating a virtual pipeline. The use of natural gas as a fuel source is economically and environmentally beneficial as it is significantly cheaper than other fuels such as diesel and has a lower carbon footprint.
Taking this into account, the investment and partnership with Helmerich & Payne will strengthen Galileo’s place in the LNG space across the globe.
Osvaldo del Campo, CEO of Galileo, said, “We are excited to align with Helmerich & Payne in this transaction. This investment and the collaboration with Helmerich & Payne will contribute to continue expanding the global presence of our innovative natural gas liquefaction, compression and re-gasification products and solutions, particularly in the US where we see attractive growth opportunities.”
John Lindsay, Helmerich & Payne’s President and CEO commented, “We are pleased to be a cornerstone investor in Galileo, a world leader in innovative natural gas technologies. As the global demand for energy increases, we believe the services and technologies provided by Galileo will gain importance as the world continues to seek lower emissions as well as reliable, low-cost sources of energy.”