Ideol and Kerogen Capital to test waters for offshore wind-powered oil & gas platforms
Ideol has entered into a Memorandum of Understanding (MoU) with Kerogen Capital to assess the benefits of using offshore wind to power oil & gas platforms.
Ideol stated that the focus of the initiative will be to combine the Damping Pool, its floating offshore wind solution, with Kerogen’s international offshore oil & gas expertise and network.
The collaboration aims to identify and promote differentiating value propositions when substituting hydrocarbon powered generators of oil & gas production platforms with floating wind systems to improve the operational, commercial and environmental sustainability of the offshore facilities.
“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,” said Jason Cheng, Managing Partner of Kerogen.
“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.”
Back in 2018, the French Ideol secured EUR 15 million funding from Kerogen Capital in order to accelerate the commercialization of its floating foundation solution in key geographies.