TIDMNUOG
RNS Number : 6971P
Nu-Oil and Gas PLC
12 February 2019
12 February 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Siemens support MFDevCo in Development of Marginal Gas
Fields
Further to the announcement on the 25 January 2019, the Company
is pleased to announce that Marginal Field Development Company
("MFDevCo"), the Company's 50%-owned joint venture, has entered
into a collaboration agreement with Siemens' Dresser-Rand business
("Siemens"). Siemens becomes the second company, following Marnavi
Offshore ("Marnavi"), to join MFDevCo's gas to wire initiative,
which forms a part of MFDevCo's overall strategy to maximise the
recovery and value of resources within fields currently considered
stranded or marginal. Siemens, a world-renowned digital pioneer
that focuses on electrification and automation, brings key
capabilities and experience to this initiative, as well as the
market position required to assist MFDevCo in capitalising on its
gas to wire opportunities.
Siemens supplies technical expertise and equipment to various
industries worldwide, and its tried and tested systems are a
critical component in the delivery and operation of MFDevCo's gas
to wire facilities. Siemens has extensive experience in the
provision and maintenance of power generation equipment in the
offshore industry, as well as expertise on renewable energy
systems, offshore energy generation, and access to the grid.
Siemens is working with MFDevCo with an initial focus on UK
projects but is also keen to investigate other projects that
MFDevCo is pursuing worldwide.
Under the terms of the collaboration agreement, Siemens will
provide information and support to MFDevCo to secure identified gas
to wire projects in return for an exclusive first option ("right of
first refusal") to provide certain equipment and services to those
MFDevCo projects on terms acceptable to both parties. This
commitment by Siemens to project evaluation and design will be
critical as MFDevCo finalises its assessment of the technical and
economic feasibility of selected projects and provides the
independent verification required to demonstrate deliverability to
both partners and investors.
The initial term of the agreement is two years; however, both
parties are viewing this as the basis for a long-term working
relationship.
Alison Pegram, Joint Managing Director of Nu-Oil and Managing
Director of MFDevCo, commented, "We are very pleased to be working
with Siemens in our latest initiative to maximise the economic
recovery of resources currently considered stranded. I am excited
about the opportunities that gas to wire presents and encouraged
that a company like Siemens shares our belief in both the potential
and our plans."
Rob Barnes, Head of Siemens Oil and Gas ERA Region, said, "We
are delighted to support the MFDevCo team which has a real insight
into the viability of the marginal fields in the UK. By applying
the right technologies to the efficient development of these fields
we believe that the untapped potential of these assets will be
realised."
Enquiries
Nu-Oil and Gas plc
Simon Bygrave Tel: +44 (0)161 817 7460
Investor Relations & Communications
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Botros
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Jon Belliss
Notes
Marginal Field Delivery Company
Marginal Field Delivery Company ("MFDevCo") focuses on
maximising recovery from the vast, undeveloped hydrocarbon
resources contained within marginal fields worldwide, utilising
appropriate re-deployable solutions to transform these undervalued
assets. MFDevCo seeks to manage the entire lifecycle of marginal
field projects from opportunity screening, suitability assessment
and financing through engineering to production and
decommissioning. www.mfdevco.com
Siemens plc
Siemens is a global powerhouse focusing on the areas of
electrification, automation and digitalization. One of the world's
largest producers of energy-efficient, resource-saving
technologies, Siemens is a leading supplier of systems for power
generation and transmission as well as medical diagnosis. In
infrastructure and industry solutions the company plays a
pioneering role.
Established more than 170 years ago, today Siemens has around
377,000 employees in more than 200 countries/regions. They operate
in production and manufacturing plants worldwide and have offices,
warehouses, research and development facilities or sales offices in
almost every country/region in the world. www.siemens.com
Gas to Wire
Gas to wire offers an alternative method of economically
recovering offshore gas resources. Rather than developing and
exporting gas using traditional methods, gas is converted to power
using gas turbine generators located on an offshore platform and
the power is transmitted to shore using subsea power cables.
Benefits of recovering gas resources using this method for the
Company and MFDevCo include:
-- Value Adding: Low-cost entry to low-risk production with the
possibility to further extend revenue through hydrokinetic
energy;
-- Low capital requirement: CAPEX reduced through utilisation of
existing facilities and infrastructure, low entry cost
expected;
-- Access to reliable production: Development of late-life gas fields reduces subsurface risk;
-- Minimising price risk: Natural arbitrage between hydrocarbon
and power generation, which reduces the exposure to price risk
associated with gas markets
-- Accelerated time to production: Utilising existing facility
& infrastructure reduces cost & lead-time for fabrication
& construction; use proven technology to convert gas to wire,
transported to the grid by hooking into live network;
-- Attractive & complementary market: Immediate
opportunities in local markets, licence holders have commercial
imperative to defer decommissioning
-- Regulatory support: significant contribution to objectives of
delivering energy security, deferring decommissioning costs and
maximising economic recover; gas to wire initiatives supported by
UK's Oil and Gas Authority.
The Oil and Gas Authority's "Gas to Wire report: UK SNS and EIS"
details their assessment of the opportunities for the use of such
methods to recovery stranded gas resources and the benefits for the
UK.
https://www.ogauthority.co.uk/news-publications/publications/2018/gas-to-wire-report-uk-sns-and-eis/
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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