Business
Report on carbon emissions solution for North Sea
Report on carbon emissions solution for North Sea.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n 23 June 2022\n \n \n \n Orcadian Energy plc\n \n \n \n \n (\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Report on carbon emissions solution for North Sea\n \n \n \n \n \n \n Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that the North Sea Transition Authority (\"NSTA\") published, this morning, the full report prepared by the Company and its partners, for the Platform Electrification competition launched in September 2021.\n \n \n The competition sought electrification concepts that could minimise carbon emissions for existing North Sea platforms.\n \"Orcadian's Microgrid Concept\" aims to dramatically cut carbon emissions, ensuring that the oil and gas that features in our future energy mix is as sustainable as possible. The full report and a summary\n are available from the Company's website. \n \n \n \n \n \n \n Background\n \n \n \n \n \n \n \n \n As announced on 9 May 2022, Orcadian and its consortium partners have designed what they believe is a viable, reliable, off-grid option for powering North Sea platforms. The approach is founded on power from floating wind turbines, supported by energy efficient and highly responsive gas-powered generators with enough battery power to maintain a reliable supply. Floating distribution hubs will be used to collect the power from the wind turbines and distribute power to the operators' platforms through a network of cables. The Directors believe this design can be more effective and cost substantially less than cable from shore solutions, with a potential to deliver an earlier and deeper cut to emissions. The Directors also believe future operating costs can be substantially reduced with this solution, which could enable mature fields to keep producing longer and facilitate development of satellite discoveries with minimised emissions. All of these outcomes would enhance the UK's energy security and would ensure that emissions from North Sea oil and gas production remain world leading.\n \n \n \n \n \n \n Advantages of the Orcadian approach include:\n \n \n \n ●\n Emissions reductions - approaching an estimated 80% reduction for offshore facilities.\n \n \n ●\n Lower costs - potential saving o...