Exxon Seeks Shale-Oil Opportunities in Siberia and China
Exxon Mobil announces plans to start working with Russia's OAO Rosnef to assess what could be massive reserves of shale oil in Western Siberia.
“There is a huge shale potential in shale rocks in West Siberia...we just don't know what the quality is,” Exxon's CEO Rex Tillerson said in an interview Tuesday.
However, the exploration work will take years to establish whether or not the reserves are commercially viable.
"Rosneft wished to participate in some resource development opportunities outside of Russia and we have invited them to farm into some areas in Canada and in Texas, in tight oil," Mr. Tillerson said.
SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK
Exxon may be joining the Russia Barents Sea Shtokman natural gas project “on the right terms.”
Exxon is also looking for more shale opportunities in China, which could potentially have a huge impact on the US.
"We are in discussions with a couple of the Chinese national oil companies," Mr. Tillerson said, without identifying them. "We are doing some joint studies. We haven't taken a position yet, we are still talking about that and the terms around that."
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.