Williams Corp. Confident in Bakken Purchase
Williams Companies Inc. has purchased 85,800 net acres of North Dakotas most profitable oil plays for $925 million, and the company is more confident...
Williams Companies Inc. has purchased 85,800 net acres of North Dakota’s most profitable oil plays for $925 million, and the company is more confident than ever for its future endeavors. The massive purchase of Bakken shale, which will conclude before the end of the year and begin work by October, is just one of many shales Williams Companies has handled in the past.
Williams’ chairman, president and CEO Steve Malcolm said in a press statement, “Development of the Bakken will be very similar to the low-risk, repeatable nature of the Barnett and Marcellus shales, as well as the tight sands in the Piceance Basin. Technological advancements in just the past few years have allowed the play to shift from exploration to resource development.”
In just two years the company’s exploration and production interests are expected to rise by more than 15 percent, becoming roughly 25 percent of the business, up from just seven. That number also stems from the assets of more than 3000 barrels per day of net oil production from existing wells, and an approximate 185 barrels of oil equivalent in total net reserves from the site.
"This acquisition establishes a significant acreage position in an area which further diversifies, and when combined with our recently acquired Marcellus position, basically transforms our business – both geographically and in terms of our product mix," said Ralph Hill, president of Williams' exploration and production business. "It enables us to deploy available capital and existing technical expertise to a very attractive new opportunity."
While still a relatively new discovery, the Bakken Shale in North Dakota is one of the several shale deposits containing oil in the area. Tulsa based oil and gas explorers Williams Corporation have been benefiting from these findings since the early 1900s.
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.