Equatorial Guinea to Build $4 Billion LNG Plant
Natural gas is gaining in popularity worldwide. In response to the Fukushima nuclear meltdown, several countries are closing their nuclear facilities, and the transition will require ramped up use of fossil fuels. Equatorial Guinea just so happens to have some of Africa’s biggest natural gas reserves, and the country’s state-owned gas company, Sociedad Nacional de Gas (Sonagas) is seeking to build a second liquefied natural gas (LNG) plant to double production and meet global demand.
“Definitely, there’ll be a second plant,” said Juan Antonio Ndong Ondo, director general of Sonagas. “We’ve had some new discoveries so we can go ahead with it. In principle we can double our current production.”
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The exact capacity of the planned LNG plant has yet to be determined. Sonagas and partners Noble Energy Inc. and Ophir Energy Plc will make the decision depending on discovered reserves early 2012. The plant will likely produce between 1.8 billion to 4.6 billion cubic feet a day according to Ndong. The plant is estimated to cost roughly $4 billion.
Equitorial Guinea currently produces 3.4 billion cubic feet of LNG a day, and the second plant will likely up production as soon as 2016. Sonagas estimated the countries' proven natural gas reserves to be 8.5 trillion cubic feet.
Ndong goes on to note that collaboration between neighboring countries Nigeria and Cameroon may see Synagas transferring gas to those countries in order to quickly ramp up production. “There are initiatives to collaborate in the collection of gas that’s being burnt,” he said. “We won’t depend on them though, we’ll see what our own reserves are first. We believe prices will be very positive for us in the future.”
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.