Saudi Aramco and NESR Announce Successful Implementation of Circular Water Technologies
RIYADH, SAUDI ARABIA / ACCESSWIRE / November 14, 2023 / National Energy Services Reunited Corp. (NESR) (OTCMKTS:NESR)(OTCMKTS:NESRW), an international provider of integrated energy services in the Middle East and North Africa, today recognized its successful, ongoing collaboration with Saudi Aramco in implementing a novel Zero Liquid Discharge (ZLD) technology for water management. This technology, invented and owned by Saudi Aramco, aims to enhance produced water treatment and establish circular water economies across the energy value chain.
Several years of research & development, technical diligence, pilot planning and field execution in Saudi Arabia recently culminated in the recognition of Saudi Aramco's ZLD technology at multiple international venues, receiving prestigious awards such as "Best Water Management Technology", "Engineering Innovation" and "Environmental Excellence" from notable entities like World Oil, Hart Energy and Global Energy Show. Encouraged by this success, NESR is exploring similar circular water concepts in the Kingdom and across the Middle East and North Africa regions. Currently, NESR and Saudi Aramco are collaboratively assessing another pilot project to gauge the large-scale ZLD deployment for complex water management scenarios. The anticipated commercial scale-up of ZLD technology is expected to involve multiple stakeholders from upstream operations, service & technology providers, to financial institutions, all backed by government and non-governmental advocacy bodies.
Waleed A. Al-Mulhim, Saudi Aramco's Petroleum Engineering & Development Senior Vice President commented, "Saudi Aramco is committed to the conservation of the Kingdom's groundwater resources. Given the overarching global focus on sustainability & ESG, the innovative technologies focusing on decarbonization, energy transition technologies, and water treatment are at the forefront of the current R&D landscape in the oil & gas industry. ZLD is one among many water treatment technologies invented by Aramco with an objective to promote produced water reuse and circular water economy. It is a great example of a technology that contributes to achieving a sustainable water management practice in our industry."
Sherif Foda, NESR CEO & Chairman remarked, "Decarbonization and more responsible water stewardship across the energy value chain are core to both the NESR strategy and Aramco's approach to conserving precious groundwater, and no place is better than here in Riyadh to announce our successful ZLD technology deployment. Given the vast amounts of reservoir water produced by the Oil & Gas industry, our sector stands to be an important supplier, rather than consumer, of water resources to peripheral industries & communities, if we apply the right technologies. I am proud of our collaboration with, and support from Saudi Aramco. Recent highlights of our successes in COP27 in Egypt, other industry conferences, and ongoing discussions with highly supportive advocates such as the League of Arab States, underscore the importance of bringing together many stakeholders in making the circular water economy a reality and we are looking forward to active participation in the highly anticipated COP28 in UAE."
In its 2022 Sustainability Report, Saudi Aramco elaborated on its efforts to conserve groundwater. The report spotlighted the pilot deployment of two new technologies, stating, "Produced water treatment technologies, in which a high salinity water is pretreated then desalinated using one of these processes, eliminating the need to use groundwater as wash water altogether."
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, the Company's expectations related to completion of the restatement and the timing and filing of its SEC periodic reports, the Company's plans and ability to regain listing of its securities on Nasdaq or another national or international stock exchange, and the Company's expectations related to its business performance, financial condition and results of operation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties, including without limitation the identification of errors or adjustments in the ongoing restatement process, the impact of the delayed SEC report filings on the Company's business, including its customers, suppliers, counterparties, and lenders, and the extent of any material weakness or significant deficiencies in the Company's internal control over financial reporting. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in such filings.
About NESR
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
For inquiries regarding NESR, please contact:
Blake Gendron - VP Investor Relations & Business Development
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp.
View source version on accesswire.com:
https://www.accesswire.com/803087/saudi-aramco-and-nesr-announce-successful-implementation-of-circular-water-technologies
