Environmental systems business Transvac systems has developed a new way of capturing flare-off gas that could see its sales grow six-fold over the next five years.
Every year, the equivalent of 30% of all natural gas consumed in the European Union is wasted through gas that flares off at major platforms.
The global market for captured flare gas is expected to double by 2020 to $2 billion.
Transvac’s high-performance ejector needs no maintenance and operates more efficiently and at lower cost than traditional, less reliable options.
In June 2016, after a £233,000 feasibility study, the technology was performing three times better than its original target.
Sales expected to grow six fold in 5 years
A large European oil and gas operator was so impressed, it revised one of its North Sea platforms to use Transvac’s equipment.
Transvac expects sales to increase from £4.5 million in 2016 to £15 million in the next 3 years, then to double again over another 2 years.