Statoil submits plan for new North Sea oil development
Statoil ASA has submitted a development plan for the Utgard gas and condensate field on the maritime border between the UK and Norway in the North Sea.
Recoverable reserves are estimated at 56.4 million barrels of oil equivalent and capital expenditures are projected to reach around 3.5 billion kroner, or US $414 million. The plan comes after the majority-Norwegian state owned operator acquired JX Nippon’s 45 percent share in the field in June.
Roughly 60 percent of the reserves at Utgard are located on the Norwegian side of the maritime border, where Statoil holds a 62 percent interest.
“Utgard is the first Statoil development in many years producing resources across the median line, and we are pleased to have found good solutions that address considerations for good resource management on both sides,” said Torger Rød, Statoil’s Senior Vice President for Project Development.
“Good and efficient cooperation across the board, both in relation to partners and government authorities, has made this development possible.”
The development of Utgard will include two wells in a standard subsea concept, with one drilling target on each side of the median line. All installations and infrastructure will be located in the Norwegian sector, with the UK well to be drilled from the subsea template on the Norwegian continental shelf.
Production, which will be processed through the Sleipner platform, is expected to start at the end of 2019.
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.