Kerogen Capital (“Kerogen”) is pleased to announce that it has entered into a Memorandum of Understanding with Ideol SA (“Ideol”), a global leader in the floating offshore wind industry to assess the benefits of using offshore wind to power oil & gas platforms. The focus of this initiative will be to leverage Ideol’s technically proven floating offshore wind solution and combine it with Kerogen’s extensive international offshore oil & gas expertise and network. The collaboration is intended to identify and promote differentiating values propositions when substituting hydrocarbon powered generators of oil and gas production platforms with floating wind systems to improve the operational, commercial and environmental sustainability of the offshore facilities.
Jason Cheng, Managing Partner of Kerogen, commented: “We are committed to reducing the carbon footprint of our portfolio companies and the broader oil and gas industry through proven technologies. In addition to decreasing the greenhouse gas emissions, powering oil and gas platforms with offshore wind could offer commercial benefits such as increasing available sales volumes and reducing fuel operating costs. Teaming up with Ideol offers a combination of our respective expertise in upstream oil & gas and offshore wind to assess power to platform opportunities, starting with long-life projects in the North Sea area.”
Paul de la Guérivière, CEO of Ideol, commented: “As already demonstrated with the development of the world’s first market-ready floating electrical substation, Ideol’s internationally recognized expertise in floating offshore wind can be leveraged to develop additional and increasingly relevant value-added solutions. We will benefit from Kerogen’s deep knowledge of the offshore oil & gas markets which will undoubtedly help us bring innovative products and services to the market. At the same time contribute to meeting the environmental and financial objectives of platform operators.”
For further information or collaboration opportunities contact: ali.sharifi@kerogencap.com and bruno.geschier@ideol-offshore.com.
Download Official Press Release
About Kerogen Capital :
Kerogen Capital is an independent private equity fund manager with over $2 billion in assets under management specialising in the international energy sector. Established in 2007, the firm has an integrated platform of professionals based in Hong Kong and London, with extensive experience in the energy industry covering technical, operational, investment and finance. Kerogen has an established track record across multiple funds and an active coinvestment program, with support from a blue-chip institutional investor base comprising primarily US state and private pension funds, endowments, foundations, insurance companies and fund of funds.
Current investments comprise in 12 portfolio companies with assets across 18 countries. Kerogen is an ESG focused investor with a strategic focus on digital transformation in the energy sector, and has been a United Nations Principles for Responsible Investment Signatory since 2014.
PRESS CONTACT
Sara Powell, Managing Director, Strategic Communications (FTI Consulting): sara.powell@fticonsulting.com
General Information: investorcommunications@kerogencap.com
About Ideol:
Ideol, based in La Ciotat (France), was created in 2010 with the aim of developing both technically and economically viable floating foundation solutions for the offshore wind industry. Recipient of numerous innovation and entrepreneurship awards, the company benefits from the support of a large and prestigious panel of public and private investors. Its industry-changing and patented “Damping Pool”® design is compatible with all existing offshore wind turbines. Maximizing local content and optimizing the entire process from construction to installation, maintenance and decommissioning have been the company’s key priorities since day one. Its particularly cost-competitive solution allows for the development of projects without any water depth or soil constraints on sites benefiting from the best available wind resources. Benefiting from the experience and know-how of a fully integrated team of 60 experts and engineers coming from the offshore oil & gas and renewables industries, the company has two floating wind turbines in operation (one in France, off Le Croisic, and one in Japan, off Kitakyushu). Ideol is also involved in the French Mediterranean’s first floating offshore wind farm (the EOLMED project) as well as several other floating projects across the world, positioning the company as a leader in this fast-growing and accelerating market.
PRESS CONTACT
Juliette Bise, Communication Officer : juliette.bise@ideol-offshore.com
Bruno Geschier, Chief Sales & Marketing Officer: bruno.geschier@ideol-offshore.com
Pandion Energy – Oil and gas discoveries close to the Balder fieldPandion Energy is pleased to announce the discovery of oil and gas in production license 820 S through the drilling of exploration well 25/8-19 S, including sidetracks A and A2.
The exploration well, including sidetracks, proved hydrocarbons at five different intervals.
“Preliminary evaluation of the Iving discovery in the Skagerrak Formation shows recoverable resources of between 12 and 71 million boe (of which approx. 85 percent light oil) within the license area.”
Recoverable volumes associated with the Evra discovery in the Eocene/Paleocene injectite reservoir sands, oil in weathered/fractured basement and other oil and gas carrying layers will be considered during the appraisal phase of the license.
At Iving, a gross gas column of 34 metres above an oil column of at least 45 metres was encountered in moderate quality Skagerrak reservoirs. The oil-water contact was not encountered in the well.
Extensive data collection and sampling was carried out in the wells, including pressure and fluid tests (Mini-DSTs) at multiple levels, as well as a successful well test in the Skagerrak Formation in the sidetrack well. Limited by design of surface equipment, the test was carried out with averaged oil and gas production rates of 475 m3/d and 75 600 m3/d, respectively, on a 32/64’’ choke. The measured GOR through the test averaged at 180 m3/m3, while the measured oil gravity averaged at 40 deg API.
Weathered and fractured basement (below a basal conglomerate) encountered an oil column of minimum 41 meter. The oil-water contact was not encountered.
Jan Christian Ellefsen, Chief Executive Officer of Pandion Energy:
“We are very pleased with making a material discovery in our second exploration well. This demonstrates the potential of our exploration strategy focusing on opportunities close to existing infrastructure. We look forward to maturing the discoveries and remaining prospectivity together with the PL 820 S partnership, as well as to commercialize the resource potential now proven in the license.”
These are the first and second exploration wells in PL 820 S. The permit was granted in APA 2015.
The wells were drilled by the semi-submersible drilling rig Deepsea Bergen approx. 8 kilometres northwest of the Balder and Ringhorne Field in the central part of the North Sea.
MOL Norge is the operator of the production license with a 40 percent participating interest. In addition to Pandion Energy (10 percent), the partnership also consists of Lundin Norway (40 percent) and Wintershall DEA (10 percent).
Pandion Energy press release: Oil and gas discoveries close to the balder field
Pandion Energy completes sale of Duva interestPandion Energy AS and PGNiG Upstream Norway AS have completed their previously announced transaction, whereby Pandion Energy has sold 10% non-operated interests in PL 636, comprising the Duva oil and gas field, and PL 636B.
The Duva oil and gas field is located in the northern North Sea and was discovered in the autumn of 2016. The Plan for Development and Operation (PDO) was approved in June 2019 with first production expected in late 2020 / early 2021.
Pandion Energy has with this completed the sale of it’s 20% non-operated interests in the Duva oil and gas field and associated licenses
For more information:
Pandion Energy completes sale of Duva interest
For related information:
Pandion Energy divests its 20% share in the Duva field
Following very encouraging initial results communicated last July, the 2 MW Floatgen floating wind turbine, equipped with Ideol’s patented floating foundation and installed on the Sem-Rev test site (Atlantic Coast of France), exceeded production and availability expectations in the second half of 2019.
During the second half of 2019, the floating wind turbine has more than doubled its power production in comparison with the first semester, to reach an annual total of 6 GWh. This number was achieved because of a time availability exceeding 94.6% in the second semester and an above average capacity factor.
During that same period, the wind turbine faced maximum wave heights of up to 12.5 meters (= significant waves of up to 6.5 meters), confirming the excellent performance and seakeeping of the Damping Pool® design, as well as the accuracy of integrated floating wind turbine simulations developed by Ideol’s in-house experts.
Such accuracy has been verified and validated by an independent third party (American Bureau of Shipping a.k.a. ABS) reviewing the load and movement measurements as well as the data processing methods used by Ideol. ABS also evaluated the fully coupled simulation tools used by Ideol, independently re-running a number of load cases and comparing the simulation results with the observed and processed measurements.
The wind turbine remained fully operational throughout these first winter months, producing power up to 5.5 meters of significant wave height and up to 24.2 m/s of wind speed, once again confirming the absence of the impact of the movements induced by the floater on the power production.
Ideol’s patented technology is now fully proven and ready for commercial deployment, even in severe environments, wherever they may be in the world.
For more information visit: Ideol Press Release
Pandion Energy awarded two new APA LicensesPandion Energy has been awarded two licenses under the 2019 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental Shelf.
The APA award was announced by the Minister of Petroleum and Energy (MPE), Sylvi Listhaug on Tuesday 14. January. For more information about APA 2019 see MPE’s website.
Pandion Energy has been awarded the following licenses:
License PL 1047 in blocks 30/4, 5, 7 & 8 is located in the central part of the Viking Graben in the North Sea, between the Martin Linge- and Oseberg fields. Pandion Energy has been offered a 20 percent participating interest in PL 1047.
License PL 1062 in block 6507/11 is located at the Halten Terrace in the Norwegian Sea, southeast of the Heidrun field with the Midgard field to the south, and the Natalia discovery to the west. Pandion Energy holds several exploration licenses in the area and the team has experience from previous drilling in this block. Pandion Energy has been offered a 30 percent participating interest in PL 1062.
(License PL 636 C (block 36/7) is additional acreage to PL 636, the Duva field development. The Plan for Development and Operation (PDO) of the Duva field was approved by the MPE on June 26th 2019. Pandion Energy announced on November 7th 2019 that it had agreed to divest its 20% share in the Duva field. The additional acreage will be transferred to the new licensees before being formally awarded.)
CEO of Pandion Energy, Jan Christian Ellefsen says:
Pandion Energy considers the APA Awards an important source of attractive growth opportunities and we are pleased with the awarded licenses. With these licenses Pandion Energy will continue building a focused portfolio in selected areas in accordance with our exploration strategy.
About Pandion Energy:
Pandion Energy AS is a private oil and gas company with licenses on the Norwegian Continental Shelf. The Company’s strategy is to be an active and responsible partner in driving value in high-quality assets, based on a full cycle investment mandate. The Company participates in the discovery, appraisal, development and production of oil and gas resources with a focus on upsides in and around proven assets with access to existing infrastructure.
For more information visit: Pandion press release: Pandion Energy awarded two new APA Licenses
