Energtek Signs Natural Gas Pact with Philippine Oil Co.
Energtek Inc. of Valley Stream, N.Y., has signed a purchase contract with the Philippine National Oil Company—Exploration Company for natural gas extracted from the San Antonio stranded gas well in Isabela, according to a July 23 press release.
The company develops Adsorbed Natural Gas (ANG) technology, and the contract enables Energtek to commercially distribute natural gas in emerging markets across Southeast Asia.
The company uses proprietary hi-tech storage technology to supply natural gas to small vehicles. The first phase of the project calls for the vehicle conversion and ongoing supply of natural gas to 3,000 three-wheelers in Isabela. Revenues from vehicle equipment sales from this initiative are expected to gross more than $1.2 million, and ongoing natural gas sales are projected to exceed $2 million annually.
The project is the first part of the company's plan to convert more than 50,000 three-wheelers during the next 18 month. Energtek aims to fulfill the government's request to convert over 500,000 three-wheelers within the next three to four years.
"The Filipino government under the leadership of President Gloria M. Arroyo has recognized the need to urgently reduce dependence on oil and gasoline," said Executive Secretary of the Philippines, Hon. Eduardo R. Ermita. "The government is more than glad to begin converting a million vehicles to operate on ANG as soon as possible."
Approximately 1.5 million tricycles run on gasoline and would be banned from operation by the government due to the massive pollution generated by their engines. The natural gas conversion system resolves the problem of harmful emissions and presents an economically beneficial alternative for drivers who would otherwise be forced to discard their vehicles.
ANG technology maximizes the quantities of gas stored in a tank. It reduces the infrastructure, fueling, and energy costs of supply solutions to consumers where no pipeline or refueling infrastructure is present.