Statoil Pipeline to Provide Permanent Hub in Arctic
Statoil ASA's plan to bridge a pipeline between northern Norway to the Barents Sea could pave the way for a permanent hub in the Arctic, according to the country's Minister of Petroleum and Energy Ola Borten Moe.
"I am a huge optimist to what we may see in the Barents Sea," Mr. Moe told Dow Jones Newswires. "It seems Statoil and others are getting the hang of this, and that could mean huge, huge activity for generations. That is entirely good news."
Moe and the company are extremely optimistic about the potential for more discoveries in the Barents Sea, which has not yet been fully explored. The new terminal at Veidnes will service oil from Skrugard and Havis, with estimated reserves of about 400 million to 600 million barrels of oil. More pipelines to the new terminal may ensue if more oil is found.
The company already has a presence in two other Barents Sea developments, including the Melkoya liquefied natural gas plant in Hammerfest and Eni SpA's Goliat oil field.
A plan for exploration in Skrugard and Havis will be delivered by 2014, starting production in 2018. As it continues to move its resources north, Statoil is well on its way to breaking into the Arctic.
"This is a new petroleum province for Norway. That's good for Norway and very good for the northern part of Norway," Moe told reporters. "We're having a little party here."
Photo: Harald Pettersen / Statoil
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.