Wave power device set for deployment on North Sea decommissioning project
The PowerBuoy™ will be deployed in the Huntington Field, one of Premier Oil’s offshore fields in the Central North Sea, in an OGTC backed project.
Ocean Power Technologies, Inc. (NASDAQ:OPTT) announced today that the Company has signed a contract with Premier Oil, to supply a PowerBuoy™ for a deployment in the Huntington Field, one of Premier Oil’s offshore fields in the Central North Sea. The contract calls for a nine-month lease including an initial three-month trial, followed by a six-month extension upon successful completion of the initial trial. The contract also includes an option to extend the initial nine-month lease. The project is expected to start in June of 2018 and deployment is anticipated for October of 2018.
The OPT PowerBuoy™ will be deployed in the Central North Sea and will serve as a self-sustaining intelligent platform to provide communications and remote monitoring services. During the deployment, Premier Oil will explore the PowerBuoy™ capabilities and its ability to monitor the local environment and alert shipping of its position.
The project is also backed by the Aberdeen-based Oil & Gas Technology Centre (OGTC), which has provided co-funding, support and technical input to the monitoring requirements for the buoy. Chris Pearson, Small Pools Solution Centre Manager for the Oil & Gas Technology Centre, said, “The PowerBuoy™ is an exciting technology and the project represents the first time that a wave power device is being deployed on the United Kingdom Continental Shelf on an oil and gas development. The system can provide monitoring to safeguard subsea safety zones and generate power with a view to operate subsea assets, meaning it fits well with our focus on reducing the cost of decommissioning and unlocking small pools.”
George H. Kirby, President and Chief Executive Officer of OPT, said, “For the second time in less than four months, we have signed a contract for the lease of a PowerBuoy™ in the offshore oil and gas market. This commercial contract is a breakthrough for OPT and reflects our continuing commitment to support customers where decommissioning activities can benefit from an autonomous solution for surveillance and monitoring. We’re pleased to be working with OGTC, and we look forward to helping Premier Oil advance its safe operational excellence in the North Sea through this phase of the project, as well as potentially other oil and gas operators around the world.”
Pieter voor de Poorte, Premier Oil’s Subsea Decommissioning Lead commented, “Following successful completion of the feasibility study earlier this year, we are excited to move to this next phase in the form of a deployment of the PowerBuoy™. We think this technology has a lot of potential and it aligns well with our goals of increasing safety, efficiency and operational effectiveness. The PowerBuoy™ system will deliver on all these aspects and offer a step change in our decommissioning planning processes. It also opens up potential future applications for intelligent, remotely controlled small field developments.”