Electricity – a basic human need and the backbone of economic and societal development
Over the last century, more people have come to enjoy reliable and affordable electricity – it’s something that most of us take for granted, without which daily life would be a struggle and cities, hospitals, industries and businesses cannot flourish. The proportion of global electricity generated by renewable energy sources is approaching 30 per cent and is growing; the challenge however remains – how to provide the reliable electricity that is essential to allow communities and economies to thrive whilst also taking the critical steps necessary towards a carbon-neutral future.
Hydrocarbons will be an important contributor to the energy mix over the coming decades, alongside renewables, and at Gas2Wire Ventures we believe that it is critical that hydrocarbon projects also contribute to decarbonisation by playing their part in the energy transition.
Maximises recovery of gas resources
Extends life of gas fields
Supports transition to ‘net zero’
A gas-to-wire project not only provides all the immediate benefits already discussed but also, and perhaps more importantly, acts as an ‘enabling’ project, as the first node in a PowerHub. It provides a backbone of electrical infrastructure and facilitates the energy transition by allowing the incremental build-out of systems and infrastructure that will deliver the decarbonisation of oil and gas basins.
In the near term, this might involve:
- The tie-back of additional gas resources in the vicinity – providing security of energy supply, maximising economic recovery of resources and reducing the fugitive emissions associated with gas transportation.
- Electrification of nearby existing offshore oil and gas facilities – reducing emissions by replacing inefficient, often ageing onboard diesel power generation with cleaner, more efficient remote generation.
And it will also provide a platform on which developing technologies can be tested, to accelerate commercial deployment including:
- Hydrogen production – by electrolysis or steam methane reformation – and storage.
- Carbon capture – for example, emissions associated with steam methane reformation or exhaust gases from power generation plant – and storage.
- Offshore storage of carbon dioxide produced onshore.
- Battery storage.
A Gas2WirePowerHub creates an active energy transition pathway, which moves towards Net Zero itself with the addition of further nodes and facilitates the faster development of cleaner technologies for wider use.