Electrification of North Sea oil & gas would boost innovation & help meet decarbonisation targets

A study commissioned by Crown Estate Scotland has concluded that connecting offshore wind installations directly to oil and gas platforms would help decarbonisation, support economic activity, and help new companies enter the offshore renewable energy sector. 

The report follows the announcement in February 2022 of the Innovation and Targeted Oil and Gas (INTOG) offshore wind leasing process proposed by Crown Estate Scotland. INTOG is the first leasing process of its type, bringing together the oil and gas industry and offshore wind sector to help achieve shared goals of innovation and decarbonisation. 

INTOG will see developers applying for the rights to build small scale innovative offshore wind projects of less than 100MW, as well as larger projects connected to oil and gas infrastructure to provide electricity and reduce the carbon emissions associated with those sites. 

This new report says that with a rapidly expanding offshore wind market, large numbers of companies are now seeking to diversify into the sector, some for the first time. It highlights the combination of government policy, demand, and supporting infrastructure that make Scotland an attractive location. 

The report also highlights INTOG’s potential for off-grid solutions, by connecting wind turbines directly to oil and gas platforms, negating the need for connection to the shore.  

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Mocean Energy lands funds to build wave energy device for oil and gas sector

Scottish company Mocean Energy has secured €875,000 to accelerate the commercial roll-out of its wave energy technology and drive its adoption in offshore oil and gas sector.

Mocean Energy has raised a little over €875,000 equity funding from existing funders, led by angel syndicate Equity Gap, together with Old College CapitalThe University of Edinburgh’s in-house venture investment fund, and Scottish Enterprise.

The new funds will enable the company to advance the design of its next-generation Blue Star wave machine and drive its adoption in subsea oil and gas, Mocean Energy said.

Last year, the company successfully trialed its Blue X prototype at sea at the EMEC: European Marine Energy Centre in Orkney, and is currently collaborating with partners to advance a demonstrator project, called ‘Renewables for Subsea Power’.

Mocean Energy has seen increasing interest from the oil and gas sector and has opened a dedicated office in Aberdeen to meet customer demand, while the firm’s staff has grown to 17.

The new funds follow a €1.03 million seed raise which was completed in 2020, comprising €735,000 equity funding plus €300,000 grant from Innovate UK, the UK government’s innovation agency.

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Five Conferences One Place : WORLD MARITIME WEEK 2021, 5-7 October, Bilbao

Earlier this month we highlighted the export trade opportunities for UK marine businesses in the Basque Country and Northern Spain. In partnership with Santander UK Corporate & Commercial Banco SantanderBasque Trade & Investment / Agencia Vasca de InternacionalizaciónFORO MARITIMO VASCO ( BASQUE MARITIME FORUM). The webinar was supported by the Department for International Trade (DIT) teams both in the UK and Spain.

We are now looking forward to arranging 1:1 meetings on behalf of UK SME’s with companies and partners during next month’s World Maritime Week in Bilbao, the International meeting about Naval, Fishing, Ports, Oil &Gas and Ocean Renewable Energies.

Five Conferences One Place : SINAVAL, EUROFISHING , FUTUREPORT, OCEAN ENERGY Conference and OIL&GAS Conference

If you are interested in doing business during World Maritime Week we are working in collaboration with our partners Alium Consulting and the BILBAO EXHIBITION CENTRE (BEC)  to make this happen.

Contact us info@nmdg.co.uk

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Shell ordered to deepen carbon cuts in landmark Dutch climate case

A Dutch court has ordered Royal Dutch Shell to drastically deepen planned greenhouse gas emissions, in a landmark ruling that could trigger legal action against energy companies around the world.

Shell said it was “disappointed” and plans to appeal the ruling, which comes amid rising pressure on energy companies from investors, activists and governments to shift away from fossil fuels and rapidly ramp up investment in renewables.

Judge Larisa Alwin read out a ruling at a court room in The Hague, ordering Shell (RDSa.L) to reduce its planet warming carbon emissions by 45% by 2030 from 2019 levels.

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Warning North Sea clean-up costs could spiral

The Oil and Gas Authority published a new decommissioning strategy in which it warns that bills could spiral if action is not taken to improve commercial practices.

The OGA has set a target to reduce the expected costs of decommissioning by £20.7bn by 2022, from the £59.7bn total expected in 2017.

The regulator highlighted the problems caused by lack of collaboration in the North Sea, in which many firms have stakes in fields. These have been compounded by the swings in oil and gas prices triggered by the coronavirus crisis, which have made it harder for firms to develop long-term decommissioning strategies.

The strategy report found the expected cost of decommissioning assets included in the 2017 forecast had fallen to £48bn in 2020. When assets developed since 2017 were included the estimated cost increased to £51bn.

Royal Dutch Shell revealed last month that it was repaid $99 m by the UK Government last year. The costs of decommissioning the huge Brent field more than offset the profits the company made on its North Sea output.

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