Royal Dutch Shell has teamed with a sovereign investment fund from Oman to invest $53 million in a company that manufactures solar power equipment designed for increasing oil production. Glasspoint Solar Inc. installs aluminum mirrors near oil fields that concentrate solar radiation on insulated tubes containing water. The steam generated from heating the water is injected into oil fields to recover heavy crude oil. This concept of enhanced oil recovery. involves high pressure injection of hot fluids to recover heavy crude oil. The use of renewable energy like solar power makes great economic sense, as the fuel cost associated with this enhanced oil recovery technology is practically zero. Shell hopes to employ this technology in its oil fields in Oman. The company hopes to reduce greenhouse gas emissions associated with enhanced oil recovery operations. A large-scale successful implementation of this technology could be a game changer for major consumers like India and the U.S.. Both have substantial oil reserves, but are unable to tap them due to high costs involved in heavy oil recovery.
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