Crusoe Energy to Set Up Operations in Oman, Hopes to Address Gas Flaring

Crusoe Energy Systems, a Denver-based computer software company, will be opening an office in the capital city of Oman. The move comes after the Oman Investment Authority (OIA) participated in the $350 million equity round of the U.S. company earlier in April. The aim of this partnership is to cut back on the fossil fuels waste within the crypto industry.

Oman hopes to attain zero gas flaring — the burning of excess natural gas — by 2030. “Oman is committed to reduce greenhouse gases in line with the Paris climate agreement,” said Ismail Ibrahim Al-Harthi, senior manager of technology investments at OIA. Crusoe Energy, on the other hand, repurposes wasted fuel energy for the computational power of crypto mining. “We’ve always felt it was important for us to have a presence in the MENA [Middle East and North Africa] region,” explained Crusoe Energy CEO and co-founder Chase Lochmiller. “Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”

Crypto mining burns a lot of fossil fuel for its operations, which has been a prominent issue for the industry. Crusoe Energy is among the companies that have been looking to address this particular point of concern. The Denver-based firm primarily establishes its equipment for capturing gas waste in remote areas as part of its efforts to curb flaring.

However, several climate experts have critiqued the U.S. company noting that the fact the company uses gas that would otherwise go to waste doesn’t negate the fact that it burns fossil fuel to mine crypto. Nonetheless, Crusoe Energy is targeting the end of 2022 or early 2023 for the launch of its first pilot project in Muscat, Oman. The company also held a workshop earlier this week with some of Oman’s largest energy producers including OQ SAOC and Petroleum Development Oman.

Sources: CoinTelegraph, Bloomberg