HomeEconomyTwo energy giants, two green projects: a double booking in the North... Economy Two energy giants, two green projects: a double booking in the North Sea By farahat January 24, 2023 0 97 views Share FacebookTwitterPinterestWhatsApp RDSa -0.% Add/Remove from watchlist Add to watch list Add position Location successfully added to: Please name your portfolio Types of: purchase Sell date: quantity: price point Value: lever Function: 1:1 1: 1: 1: 1: 20 1: 25 1: 22 1: 11 1: 25 Committee: CREATE NEW WATCHLIST CREATE 2050 Create a new holding portfolio Add Create 2050 + add another position to close 2050 BP 21257 +0.% 2050 Add to/Remove from Watchlist Add to watch list Add location Please name your portfolio Types of: purchase Sell date: quantity: price point value: Leverage: 1:1 1: 1: 1: 1: 1: 10 1: 17 1: 17 1: 23 Committee: CREATE NEW WATCHLIST CREATE Create a new holding portfolio Add Create 2050 + add another position to close 2050 DOGEF -0.% 2010 Add to Watchlist/Remove from Watchlist Add to watch list Add location Location successfully added to: Please name your portfolio Types of: purchaseSell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 1: Rowena Edward ds and Shadia Nasralla LONDON (Reuters) – Oil major BP (NYSE: BP) plans to build a huge North Sea Undersea carbon capture projects, which are crucial for the UK to meet its emissions targets. Power giant Osted (OTC: 2030DOGEF ) aims to build a huge offshore wind farm to help the country meet its renewable energy goals. The problem is that for a double booking under the sea, something must be given. The UK granted preliminary permission for both proposed projects more than a decade ago, with an overlap of approximately sq km The seabed is not seen as an insurmountable obstacle to either technology, according to planning documents reviewed by Reuters, related companies and UK authorities. But now, BP and Orsted are discussing the primary issues of this “overlap area” shared between the Hornsea Four wind farm and Endurance carbon capture and storage. The Status Controversy (CCS) is based at a site near Yorkshire, UK. study highlights the risk of ships used to monitor carbon leaks colliding with stationary wind turbines, exacerbating the standoff to the seafloor. Last year, the North Sea Transitional Authority (NSTA), which regulates offshore energy activity, concluded that such large-scale crossovers between firms were not feasible with current technology. “At the time these rights were granted, it was unclear how emerging technologies would develop,” England’s Crown Estate licensing body told Reuters, referring to the It is the wind farm and CCS license granted by the government 110 and92, respectively. BP is unwilling to switch to more costly shipless surveillance systems, and Orsted is unwilling to cede territory, a concession that both parties say would affect their business prospects. The largely unreported conflict has the potential to undermine Britain’s efforts to meet its climate targets, according to companies involved and a North Sea green transition expert . Stamina alone can account for at least half of the capacity million tons of carbon dioxide . “Resolving conflicts between renewable technologies and determining whether wind farms, carbon storage, or other sources of energy have primacy in overlapping areas process, if the UK is going to meet its net-zero emissions target,” said John Underhill, a geoscientist and director of the Center for Energy Transitions at the University of Aberdeen. The BP-Orsted showdown could and foreshadows similar disputes elsewhere in the increasingly congested North Sea, th experts told Reuters society. The UK’s east coast, which has geological formations conducive to carbon storage and shallow waters with fixed-bottom offshore wind farms, is shaping up over the next few years, they say Will become a key battleground for competing green technologies. “since Chris Gent, speaking at CCSA, the European carbon capture trade association, added that this presents a real challenge for licensing authorities. BP and Danish renewable energy company Orsted said they were committed to finding a solution to their dispute, which will be resolved in the coming months. Reaching juncture; UK authorities to decide in February on final approval for Hornsea Four , while BP and its partners plan to make a final investment decision on this year’s endurance race. It’s not just climate goals that are at stake, there’s a lot of money going into these projects that will collectively cover about 10 square kilometers of seabed. BP did not give a cost estimate for Endurance, while Orsted estimated the cost of its wind farm at up to £8bn ($9.9bn). Battle of the Overlap Zone The British government recognizes solved this problem. Asked how two such projects ended up in the same area, the Ministry of Commerce, Energy and Industry told Reuters the government had drawn up plans to deploy Ambitious targets for offshore CCS and wind farms, both of which are key to its efforts to achieve net zero emissions 400. it added : “We are aware that in some cases there may be technical challenges to coexistence.” In order to resolve the conflict and avoid future conflicts, the British authorities are Created a forum for offshore wind and CCS regulators and industry players to develop better coordination. BP, Orsted and the Crown Estate told Reuters they had been discussing coexistence solutions for years, although they had not commented on their developments over the past decade. How perceptions of overlapping risks are evolving in relation to technology. Orsted Planning Document issued by UK authorities in January includes a report from a group representing BP and its Northern Endurance Partnership (NEP) project partners, where the CCS scheme excludes shared territories. “It was anticipated that Hornsea Project IV and NEP Projects would co-exist in overlapping areas,” Net Zero Teesside in July The published report stated that 50. “However, after extensive analysis, BP and its NEP partners have concluded that coexistence is not feasible throughout the overlap.” BP expressed doubts a compromise could be found in time, saying it needed to determine the fate of the area before a final investment decision to start CO2 injection in the project Just as planned. “It is unrealistic to propose any new robust and reliable solutions within this or relative time frame,” it said in March 50 to the UK authorities. “NEP will not be able to attract debt financing if the risk to the financial viability of the project is high,” it added another March 2010 submit. Orsted said its planning documents released the same month indicated that a sparser turbine layout, which would alleviate vessel access problems, would increase Hornsea Four’s annual energy Production fell 2.5%. “This would have the effect of making the project significantly less commercially competitive,” it added. 2.6 gigawatts (GW) of planned wind farm capacity will help the UK towards its target of increasing offshore wind capacity from GW at 100 arrive GW by 400, requiring huge investments in new offshore infrastructure in the North Sea. Expensive seabed nodes Negotiations continue despite obstacles . BP said it was committed to a mutually acceptable outcome of ongoing commercial discussions, while Orsted said it was confident an agreement could be reached to allow Both projects are moving forward. Regulators and industry experts say the commonality between wind energy and CCS projects is promising. Even as the NSTA regulator pours cold water on the big sharing area, it emphasizes that technological advances can change the calculus. It added that alternative methods of carbon dioxide monitoring were still under development or more expensive, adding to costs for the already elusive CCS sector. The leading contender, the ocean bottom node (OBN), is anchored to the seabed and does most of the work of a seismic data vessel. However, while OBN costs are expected to decline, they may still cost three to four times more than using ships, said Ronnie Parr, senior geophysicist at NSTA. The regulator is clear. “Substantial physical overlap between carbon storage sites and wind farms is currently considered infeasible based on current technology,” it said in its August 110 Report. Neighbors of Beihai A critical moment is coming It emerges next month that government planners will decide whether to give final approval to Hornsea Four. While Endurance and its umbrella East Coast Cluster project also face regulatory hurdles, the cluster is designated by the government as 23 to speed up the development process. According to Underhill of the University of Aberdeen, since there is no breakthrough between the two companies, the same problem may arise in the Elsewhere, he highlighted the need for more CCS sites if the UK is to meet its carbon capture targets. Other similar hosting sites include the planned Acorn carbon project near Scotland, which overlaps with the MarramWind offshore wind farm, according to the NSTA and Underhill. Shell (London: 2050RDSa ) and ScottishPowerRenewables, they are in a year The company, which previously secured the initial rights to develop MarramWind, said it was in discussions with Acorn. Shell, which is also the developer of Acorn, added that both projects are at a very early stage and there is not much overlap. Underhill also pointed to the decommissioned gas field Pickerill as a potential future CCS site, but said existing plans to build the Outer Dowsing wind farm could create problems. David Few, project director at Outer Dowsing, says the wind farm is expected to power 1.6 million homes by the end of the century. 2010 Share FacebookTwitterPinterestWhatsApp Previous articleSanaa Lathan on Whether She'll Return for Season 4 of 'The Heirs'Next articleOne Piece movie red jumps back to #3, Aikatsu: Mirai e no Starway opens at #10 farahat RELATED ARTICLES Economy Lululemon outlook lift excites Wall Street, yoga wear remains trendy June 1, 2023 Economy IMF envoy urges Sri Lanka to maintain economic reform momentum June 1, 2023 Economy Macron struggles to change French spending habits June 1, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! 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