OIL & GAS
Offshore oil and gas exploration has seen a tremendous growth in the recent years. Maritime energy exploration activities have seen a considerable growth in the last two decades with offshore operations migrating farther away from the shorelines into deeper waters. While offshore oil and gas wells have shown to offer abundant energy supply, severe challenges have risen associated with the remote and isolated nature of the exploration locations. One such challenge is the supply of electrical power to support exploration activities in oil and gas platforms. Conventional methods using diesel generator sets have proven severely insufficient due to reliability, maintenance and refueling costs. Other approaches leveraging umbilical power cables from the shore are cost prohibitive ranging from $1M to several $M per km.
OPT’s renewable ocean-wave based electric power generation technology will offer the Oil & Gas (O&G) market potential new solutions that could drive down project Operational Costs (OPEX) & Capital Costs (CAPEX) helping to make current fields that offer low commercial returns more attractive for development.
While the power levels offered by OPT’s current PowerBuoys are not sufficient for power hungry applications such as pumps and compressors, there are numerous other equally important applications that are better suited. Such applications include:
- Environmental monitoring for engineering and development
- Monitoring and control of low power equipment both subsea and topside
- Real time data analysis of installed equipment performance
- Innovative survey and fault diagnosis solutions.
In each of these cases, the PowerBuoy will deliver significant operational and cost benefits, all of which provide the operator with increased data analysis of marine operations that in turn allows the enhanced utilization of assets.
OPT’s technology will offer operators the possibility of a cost effective, safe, reliable, persistent power and communication platform that has the potential to reduce operational costs and improve overall production performance. Specifically, where development would traditionally require prohibitively high cost power delivery systems, the technology can provide an economic solution.
Most O&G offshore developments are situated in the most energetic wave climates in the world. Accordingly, wave energy is particularly suited for the O&G industry as it derives its source of power from the very environment it is deployed in.