Muscat – Oman Investment Authority (OIA) announced an investment in US-based Crusoe Energy on Wednesday.

The move is seen as part of OIA’s efforts to diversify its international investments across different countries and sectors.

Through the investment, OIA aims to achieve optimal benefit for Oman in terms of return on investment, attracting direct foreign investment and advanced technologies to be utilised locally.

‘This investment highlights OIA’s pioneering efforts in attracting advanced technologies to the region. Crusoe’s Digital Flare Mitigation technology will serve various sectors in our region, including oil and gas, power generation and ICT,’ the authority stated.

The company’s technology helps in reduction of CO2 by around 63 per cent in flares as well as 98 per cent reduction of methane.

‘The technology processes gas flaring emissions in an environment friendly and cost-effective manner. It generates enough power to operate energy-intensive computing applications in oil and gas fields far from main power grids. This includes powering data centres for high-performance cloud computing, for applications such as graphical rendering, artificial intelligence research, machine learning, computational biology, therapeutic drug discovery, simulation and more.’

“We are proud of the pioneering role we played in bringing this technology to the region, which is home to some of the biggest oil and gas producers globally,” said Ismail al Harthi, senior manager in OIA’s Technology Investments department.