Gas2Wire Reconfigures Offshore Gas Assets…
- Low carbon electricity market: demand for cleaner electricity and greater energy security
- Fast development projects: use of existing infrastructure
- Reliable production: late-life gas fields with known production history
- Repeatable: ‘modular’ nature of projects
reduces execution risk
- Incentives for operators: deferred decommissioning plus increased recovery
- Regulatory and political support: energy
security, defer decommissioning costs and increased economic recovery
- Energy transition: reliable, dispatchable low carbon electricity is an important step in the transition to a lower carbon future
- Low entry cost: as fields are nearing the end of traditional economic life
- Lower captial investment: integration with existing process
- Reducing price volatility: sale of electricity reduces exposure to price risk associated with gas market
Gas2Wire and Cleaner2Greener Energy
As the world transitions to Net Zero and natural gas (methane) continues to have a role, G2W+CarbonCapture (G2W+CC) enables fields to provide efficient low carbon electrical power, producing ‘lower for longer’, enhancing ultimate recovery and postponing decommissioning, to reduce the need for reserves replenishment and less efficient imports. As natural field resources deplete and nearby renewable capacity grows, the strategic storage sites preserved can provide the long duration energy storage capacity required to fully integrate renewable energy. Excess renewable supplies can be converted to hydrogen and other renewable fuels (such as e-methane), for long-term storage, to continue the provision of dispatchable electricity, on demand.
In time, every operational site fully converted and able to provide ‘long duration renewable energy storage’ will provide energy security, resilience and directly offset the reliance on fossil fuels to provide the same. Gas2Wire will have acted as a ‘keystone’ between fossil and renewable based energy storage.
A Gas2Wire Technology Platform (G2W-TP) capitalises on existing assets such as platforms and nearby power infrastructure, combined with cost-effective operations to create commercially attractive and technically viable energy transition technology deployment solutions.
These technologies involve complex systems, infrastructure, and processes that can have inherent risks and uncertainties. Incorporating risk management services helps identify, assess, mitigate, and monitor these risks to ensure safe and reliable operations, which include:
- Environmental Impact – G2W-TP systems reduce CO2 emissions and promote sustainable energy solutions. However, the processes involved, can still have environmental implications if not managed properly. Effective risk management helps assess and mitigate potential environmental risks, ensuring compliance with regulations and minimizing any negative impact on ecosystems or surrounding communities.
- Operational Efficiency – G2W-TP systems aim for class leading operational efficiency by identifying and addressing potential operational risks and inefficiencies. By proactively managing risks, downtime and disruptions can be minimized, leading to improved operational reliability and cost-effectiveness.
- Regulatory Compliance – G2W-TP systems require various regulations, permits, and have compliance requirements. Effective risk management ensures adherence to safety standards, environmental regulations, permitting processes, and reporting requirements, all of which are crucial for maintaining the reputation, legal compliance, and long-term viability of a project.
- Financial Risk Mitigation – G2W-TP systems involve significant investments and financial commitments. Effective risk management is able to identify and mitigate the associated financial risks, including assessing project feasibility, evaluating cost projections, and developing risk mitigation strategies, in order to enhance project viability, attract financing, and improve the overall financial performance.
- Stakeholder Confidence – G2W-TP projects are able to demonstrate their commitment to safety, environmental responsibility, and overall risk mitigation. This fosters stakeholder confidence, including investors, customers, regulatory bodies, and local communities. Transparent risk management practices help build trust, support project approvals, and maintain positive relationships with stakeholders.