Prometheus Energy is the leader in the emerging downstream market for LNG as an industrial fuel. Historically, large energy consumers without access to pipeline gas have had little choice but to utilize diesel, propane, heating oil and other fuels derived from crude oil. As a result, these companies have suffered from high fuel prices and have not been able to enjoy the substantial economic and environmental benefits of natural gas. In particular, the price of domestic natural gas has decoupled sharply from crude oil derived liquid hydrocarbons with the advent of plentiful volumes of shale gas, and the economic benefits of domestic gas are more significant than ever before. In fact, even the delivered price of LNG, which includes not only the cost of natural gas itself, but also the costs to liquefy and transport the LNG, is still significantly below commodities such as diesel fuel and heating oil.
Prometheus Energy is leading the development of the emerging natural gas industrial market, with delivered volumes growing at a compounded annual growth rate in excess of 40% over the last four years. Prometheus provides customized turnkey solutions: storage and regasification, full requirements fuel supply, and complete operations and maintenance services.
The company's innovative approach has led to numerous first-of-their-kind conversions of industrial fuel consumers to LNG, in sectors as diverse as oil & gas drilling, oil & gas fracturing, food manufacturing, ore processing, mining operations, and institutional customers such as commercial laundries and regional hospitals and medical centers. Prometheus' focused and unique business model enables flexible solutions tailored to its customers' individual needs. Prometheus Energy's commercial innovation is matched by its technical innovation. This rapid technical innovation is achieved under an experienced leadership team populated by a skilled and committed staff.
Liquefied Natural Gas allows industrial users to reduce their fuel and operational costs by converting to a cleaner, lower cost LNG alternative. Natural gas is a fossil fuel and is used as an energy source like crude oil and coal. The difference is that natural gas is not a heavy hydrocarbon and therefore produces significantly less CO2, NOx, particulate matter, and other pollutants.
The U.S. has domestic natural gas reserves of 3000 trillion cubic feet and is the world's largest producer of natural gas. At current consumption levels, the U.S. can fuel its demand for the next 100 years without the need for imports. This makes natural gas a secure, reliable energy choice for American industry.
Natural gas is already transported around the US using a network of pipelines. Where pipelines are impractical or not available, natural gas can be cooled to a liquid form (known as liquefied natural gas or LNG) and transported by Prometheus' fleet of LNG tankers. LNG can also be used as a vehicle fuel in the transportation sector, particularly in replacement of diesel fuel, but again is significantly cheaper and cleaner. LNG is methane in its most energy dense form, held at ambient pressure. In its liquid form it is odorless, non-toxic and not flammable.