Iran Plans New Oil Export Terminal
Iran announced plans today to use a new oil terminal outside the Strait of Hormuz to protect its exports and boost shipments of Caspian oil, according to the oil ministry news website.
The new shipping lane would be connected to the Caspian Sea port of Neka and use a 1 million barrel a day pipeline with a storage capacity of 20 million barrels. The head of the Iranian Oil Terminals Company (IOTC), Pirouz Mousavi, says the new terminal would serve as a fall-back option should any problems arise in the Gulf.
"In the event of any type of problem in exporting crude oil from the Kharg terminal, this terminal can provide back up for exports," the Shana website quoted Mousavi as saying.
SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK
Over the weekend, Iranian oil officials announced a major oil field find in the Caspian Sea, with reported estimates of up to 10 billion barrels of oil under the landlocked sea. Iran currently consumes the oil domestically, because the infrastructure to link it to ports in the south of the country are lacking.
Iranian oil minister Rostam Qasemi said Monday that the country's oil production capacity will increase by 1.5 million bpd over the next few years, compared to about 4 million bpd now.
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.