PROJECTS

Feasability Study in Mexico

Currently we are executing a feasibility study in Mexico in collaboration with Shell Mexico. Detailed information can be requested under NDA.

SourcesOfValue

1Sale of [Clean] Power

2Sale of CO2

3Share in EOR Oil Field

4Share Gas/Condensate Field

5Ownership of TriGen plant

6Sale of boiler quality water

7Sale of Nitrogen

8Emission reduction

8-12 $cts/kWh

30-40 $/t

10-30 $/bbl

2-3 $/Mcf

8-10% IRR

1-2 $/m3

10 $/t > 5-10 $/t

<5 $/t

Baseload, not including ‘green power’ subsidies

For EOR, NOC will buy at less than 30 $/t > For EOR require < 30$/ton

(share of) incremental production

< 15$/Mcf for high CO2, gas, 15-20% IRR on project

Merchant plant – Utility returns ($400 mln Capex)

Higher in water stressed areas

Industrial – also for N2 EOR/EGR or pressure support

Being considered

Commercial Studies in South East Asia

In South East Asia the scope for TriGen type projects is material.

At the moment we are working on pre-feasibility and feasibility studies. We are also in the middle of a syndicate formation process.

We expect to mature three projects in three different countries. Detailed information can be obtained under cover of an NDA.

Executed Studies

To date, feasibility studies have been carried out on assets in:

  • United Kingdom
  • US (2)
  • Indonesia
  • Malaysia
  • Abu-Dhabi
  • The Netherlands
  • Mexico
  • Hungary

RESULT

4 to next phase

2 failed to form syndicate

2 unsuitable sub-surface dynamics

1 on hold because of funding issues

Learnings
  • The commercialization of the oxy-fuel technology in the Oil & Gas industry is impossible without skilled project developers.
  • Project development requires deep knowledge and broad experience in technical, subsurface, project management, syndicate forming and project funding skills.
  • potential syndicate partners should only be involved once the project has conceptually been verified to be technically and commercially viable.
  • The status of the current technology, oil price and carbon price require very specific locations with favourable markets for all produced commodities and close proximity between source and sink for minimal CAPEX requirement.
  • Syndicate formation processes for TriGen projects require organisational procedures and processes that need to be followed thoroughly in order to avoid long delays.
  • Sydicate partners should avoid proprietary use of the technology to avoid constraining the market
  • General comparison between technologies to unlock stranded assets and create emission free power are not possible. Only location specific technology comparisons have any value.