Woodside, Mitsui to invest $1.9 billion in Western Australia oil development
Australia’s Woodside Petroleum Limited and Japanese trading firm Mitsui & Co Limited have announced that their joint Greater Enfield oil reserves project — located about 60 kilometres from the coast of Exmouth, Western Australia — has been approved for development.
The recoverable reserves of the project’s three oil fields — Laverda Canyon, Norton over Laverda and Cimatti — are estimated at 69 million barrels of oil equivalent.
Peter Coleman, Woodside’s Chief Executive, told Reuters: "With development costs of less than $28 a barrel, Greater Enfield is an attractive project in a low-price environment."
Woodside has said that the US $1.9 billion project will be produced via a 31 kilometre subsea tie-back to a floating production storage and offloading (FPSO) facility deployed at the Vincent oil field.
“We have achieved investment spend at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure,” Coleman said in a statement.
“This allows us to accelerate the development of previously stranded resources. Greater Enfield is a demonstration of our phased and sustainable approach to growth.”
The Greater Enfield Project includes the development of six subsea production wells and six water injection wells, with an aim to start oil production around mid-2019.
Woodside will operate the project through its 60 percent stake, with Mitsui retaining its 40 percent stake.
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.