Progress Energy buys natural gas assets from Talisman
Progress Energy Canada Ltd. recently announced an agreement to acquire assets in northeast British Columbia from Talisman Energy Inc. In addition, the energy company has also acquired Montney lands in the Julienne area of northeast British Columbia.
The acquisition from Talisman includes about 127,000 net acres of Montney lands and has current production of approximately 12,500 barrels of oil equivalent per day (BOE/d). Progress Energy, a subsidiary of Petroliam Nasional Berhad, will acquire Talisman's interest in the Kobes area where the company has existing joint operations with Talisman.
In addition, Progress Energy will be acquiring Talisman's 50 percent interest in the Farrell and Cypress areas, where Talisman's partner owns the remaining 50 percent interest. Under the terms of the Talisman agreement, the partner pays a disproportionate share of development costs. The value of this was approximately$870 million at the Oct. 1, 2013 effective date, and will be used to fund the majority of Progress Energy's share of upstream capital investments in the joint venture area over the coming years. This capital carry offsets the total acquisition cost of approximately $1.5 billion.
In January, Progress Energy closed an acquisition in the Julienne area for approximately $130 million, which includes four Montney wells that are awaiting completion and about 33,500 net acres of undeveloped Montneylands in the heart of the company's North Montney Joint Venture British Columbia holdings.
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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.