May 17, 2020

Halliburton: North American Drilling Market to Improve in 2010

halliburton-north-american-drilling-market-improve-2010
Admin
1 min
Halliburton

North Americas drilling market could see an upswing in 2010, according to Halliburton. The oilfield services giant posted a 12 percent rise in revenue...

North America’s drilling market could see an upswing in 2010, according to Halliburton. The oilfield services giant posted a 12 percent rise in revenue from increased drilling rig and oil and gas activity in shale gas fields. Dave Lesar, Chairman and Chief Executive says this year will see significant improvement over 2009’s levels as long as natural gas drilling activity maintains a steady growth pattern.

During a meeting on fourth quarter results, Lesar highlighted natural gas storage levels for the US, which stood at 2.607 Tcf the week of Jan 15 - one percent higher than last year and slightly less than the five-year average, according to Dow Jones. Lesar said it would be necessary to stay on track with historical levels in exiting the winter heating season.

Oilfield services demand shows less promise on the international front, according to Lesar.

“We’re seeing our customers trying to remain flexible in their spending patterns, and they continue to focus on restraining oilfield services.”

Learn more at: Wall Street Journal

(Edited by Gabe Perna)

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

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.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

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. 

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