Modec, Velocys, Toyo join for offshore GTL development

Offshore staff

TOKYO –Modec Inc., Velocys Inc., and Toyo Engineering Corp. have formed a joint venture to develop and commercialize offshore gas-to-liquid facilities. The target is stranded natural gas reserves.

Under the agreement, Velocys will advance its microchannel reactor and catalyst technologies to improve the economics of producing synthetic fuels. Then, working with Toyo and MODEC, the process will be made suitable for installation offshore on an FPSO.

"Our companies have the unique and complementary capabilities to enable the offshore oil and gas industry to recover natural gas that prior to this has not been economically viable," said Kenji Yamada, president and CEO of Modec.

11/14/2007