Xcite Energy signs collaboration agreement with Statoil and Shell
On May 6 Xcite Energy announced that its subsidiary, Xcite Energy Resources (XER), entered into a collaboration agreement with Statoil Ltd. and Shell U.K. Ltd. and share field-specific technical and operational information for the evaluation of potential synergies and collaboration between the Bentley and Bressay Fields.
“We are pleased to continue to work with Statoil and Shell in this important initiative and, following their purchase of the Bentley EWT data in 2013, believe that it demonstrates the value that independent oil companies can bring to the North Sea to unlock major energy assets,” said Rupert Cole, CEO of Xcite Energy.
Statoil and Shell will work together to analyze the available information and develop a number of proposals for assessment, including the potential utilization of common infrastructure, assets and operational solutions during the phased development of the Bentley Field and the future development of the Bressay Field.
XER believes that collaboration in a number of key areas, along with a coordinated approach to an area development, will realize a number of mutual opportunities which have the potential to benefit all stakeholders.
“We also believe that the principles contained in this Collaboration Agreement complement the recent UK Government commissioned report, ‘UKCS Maximising Recovery Review’ by Sir Ian Wood, and will provide an important early framework through which additional value can be captured in area development scenarios,” Cole said.
Xcite Energy is a heavy oil development company currently focused on the development of discovered resources in the North Sea. Through XER, its wholly-owned UK subsidiary, the company has a 100 percent working interest in Block 9/3b (containing the Bentley oil field), Block 9/3c and Block 9/3d, 9/4a, 9/8b and 9/9h situated in the North Sea.
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.