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MENAFN Press - 22/01/2013

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(MENAFN Press) FREMONT, Calif. & MUSCAT, Oman - Tuesday, January 22nd 2013 [ME NewsWire]

(BUSINESS WIRE)-- GlassPoint Solar, the global leader in solar enhanced oil recovery (EOR), today announced former Schlumberger President Zaki Selim has joined its Board of Directors. Mr. Selim most recently served as Schlumberger's President of Oilfield Services for Middle East & Asia, where he led the company's largest and most profitable business unit. As an active board member, Mr. Selim will apply his extensive experience in developing production enhancement technologies to help accelerate adoption of GlassPoint's solar EOR solution throughout the Gulf region.

"Solar steam generation is a relatively young market with tremendous market potential in the oil and gas industry," said Mr. Selim. "GlassPoint's Enclosed Trough technology is easy to operate and maintain and takes full advantage of the Gulf region's abundant sunshine to economically develop its heavy oil reserves. It is my pleasure to be associated with such an innovative solar-fueled oil recovery solution."

Throughout his 28-year career with Schlumberger, Mr. Selim served several roles from field engineer to president of key technology divisions. As the President of Well Services and Well Completions and Productivity, he developed and integrated a range of reservoir optimization and production techniques, including EOR projects across four continents.

Mr. Selim is a member of the Society of Petroleum Engineers (SPE), holds a bachelor's degree in mechanical engineering from Cairo University's Faculty of Engineering in Egypt and attended the management program at Harvard Business School.

"Zaki is a seasoned oil and gas industry veteran who has developed and implemented a range of profitable new technologies for the world's largest oilfield services company," said Rod MacGregor, president and CEO of GlassPoint. "His experience working with a range of national and international oil companies throughout the Middle East will provide invaluable insight as we scale across the region and strengthen our global leadership position in solar EOR."

Mr. Selim joins GlassPoint's board following the close of its US26 million Series B financing. The round included the participation of Royal Dutch Shell plc group, one of the world's largest oil companies, as well as leading energy investors RockPort Capital, Nth Power and Chrysalix Energy Venture Capital. The company and its Enclosed Trough technology, optimized for steam generation for oil and gas applications, was recently awarded "Innovative Upstream Technology of The Year" at the Gas Arabia Summit in Muscat organized by The Energy Exchange and co-hosted by BP, Oman Gas Company, Oman LNG and PDO.

About GlassPoint Solar
GlassPoint is the leading provider of solar steam generators to the oil and gas industry. When used for Enhanced Oil Recovery (EOR), GlassPoint solar steam generators reduce natural gas consumption by up to 80%, redirecting gas resources to higher value applications such as electricity generation and export. GlassPoint's solar EOR solution delivers steam at costs competitive with gas-fired steam generation, enabling producers to economically recover more oil. GlassPoint drives lower costs by enclosing lightweight components within a glasshouse to seal the system from sand, dust, dirt and high humidity typical of oilfield environments throughout the world. The company is headquartered in Fremont, California with offices in Bakersfield, California, Muscat, Oman and Shenzhen, China. For more information, visit glasspoint.com


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