Wave power for oil and gas ops demo starts in the Adriatic
- Business & Finance
Ocean Power Technologies’ (OPT) PowerBuoy has been deployed in the Adriatic Sea by oil and gas company Eni in a project aiming to demonstrate suitability of wave energy technologies in oil and gas operations.
The OPT PowerBuoy will be used in the Adriatic Sea to advance Eni’s research and development of proprietary integrated subsea technology systems to allow future applications for remotely controlled field developments powered by wave energy, environmental monitoring and offshore asset inspection using autonomous underwater vehicles (AUVs).
The demonstration, part of Eni’s MaREnergy project, will see OPT’s device used for subsea battery charging, which eventually may lead to adoption of the device as a standalone charging station and communications platform that would enable the long-term remote operation of AUVs.
George H. Kirby, President and Chief Executive Officer of OPT, said: “Our team has worked closely with Eni to ensure the successful deployment of the PB3 PowerBuoy in the Adriatic Sea. Since our agreement was signed in March, OPT and Eni have achieved several key milestones. We believe this deployment represents another key step in the company’s history and will create new opportunities for our company going forward.”
The agreement between OPT and Eni provides for a minimum 24-month contract that includes an 18-month PB3 PowerBuoy lease and associated project management.
OPT will also provide deployment support, remote data collection and monitoring, the company informed.
At the conclusion of the initial 18-month lease, and upon meeting technical metrics, Eni will have the option to either extend the lease for an additional 18 months or purchase the PB3 PowerBuoy.