Maersk loses major Qatar oil field
Last week, Danish shipping and petroleum conglomerate A.P. Moller–Maersk Group announced that it would be losing the largest oil field in its portfolio, the Al-Shaheen field in Qatar.
French oil major Total SA won a 30 percent stake in a new 25-year contract to operate Qatar’s largest oil field. Maersk has operated Al-Shaheen since 1992 and will continue to do so until its production sharing agreement expires in July 2017.
Qatar Petroleum launched the competitive tender for the Al-Shaheen development contract in July 2015 and invited a handful of international oil companies to participate.
Oil from Qatar made up half of Maersk Oil’s total production last year. The company has recently been struggling with declining outputs from its maturing Danish North Sea operations and is in need of acquisitions for the unit to achieve critical scale.
Two weeks ago, the company fired Group CEO Nils Smedegaard Andersen and its Chairman, Michael Pram Rasmussen, said that operations may be split into separate entities.
Jakob Thomasen, Maersk Oil CEO, remained positive in an official statement:
“Maersk Oil is growing as a result of improved operating performance and with major projects like Culzean in the UK and Johan Sverdrup in Norway, we continue adding new production through to the end of the decade,” he said.
“We will continue to deliver in the years ahead based on a strong operational performance and cost focus and ensure that our major projects are executed on time and on budget.”
Al-Shaheen currently produces 40 percent of Qatar’s crude oil — around 300,000 barrels per day.
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.