Oil Exploration Ramps up in Arctic
The US and Norway, two of the world's major oil and gas producing nations, are looking to further develop drilling operations in the Arctic.
Drilling licenses for dozens of blocks of sea acreage will be awarded in the icy waters from Norway, according to the country's oil ministry at a conference Tuesday, where US Secretary of Interior Ken Salazaar also announced the Obama administration's plans to develop its own Arctic areas.
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"Opening up and developing our domestic resources is a priority for us," Mr. Salazar said during an interview.
Although criticized for being costly and challenging, the Arctic holds great potential as a new source of oil and gas resources. The region is believed to contain about a fifth of the world's undiscovered oil and gas, yet it remains largely unexplored.
In one of Norway's northernmost cities, a research facility will open up to find solutions to some of the biggest challenges involved in drilling for oil in the region.
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.