Statoil sheds $96 million in US onshore assets
Norway’s Statoil has announced that it will divest US $96 million in non-operated assets in the US State of West Virginia to Antero Resources Corporation.
The company will sell some 11,500 acres in Wetzel, Doddridge and Tyler counties in what is its third divestment in the Marcellus natural gas trend in two years.
Statoil holds an interest of 19 percent in the land to be sold, which is operated by Texas-based Southwestern Energy Company.
In the Marcellus, the company will retain operated properties in the state of Ohio as well as its 350,000 net acre non-operated position.
“The US business is one of the focus areas in Statoil’s international strategy. We will continue actively to manage the portfolio, optimise field developments, and step up efficiency improvements and cost reduction measures,” said Torgrim Reitan, Executive Vice President of Development and Production USA.
Last week, Statoil posted a surprise second-quarter net loss of $28 million with experts blaming the fall on weak oil and gas markets. This year, the company slashed its capital expenditure to $12 billion from a previous target of $13 billion. In 2014, it set a $20 billion spending record.
The Antero transaction is expected to close by the third quarter of 2016.
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.