New partnership on offshore geoenergy efforts, UK and Ireland
New partnership agreement between dCarbonX and Fugro signed to support the development of offshore “GeoEnergy” resources in the United Kingdom and Ireland.
In a release this week, it was announced that London-headquartered dCarbonX and leading geodata specialist Fugro have signed a Strategic Framework Agreement for Decarbonisation Exploration to support the development of offshore “GeoEnergy” resources in the United Kingdom and Ireland.
Fugro is a world leading geodata specialist, experienced in acquiring, analysing, and providing advice on site characterisation and asset integrity. dCarbonX is a pioneering GeoEnergy resource company that finds and adapts offshore subsurface assets to enable the shift from fossil-based to renewable energy systems. We previously reported on the company’s plans.
Both parties are interested in offshore Decarbonisation Exploration as a new, innovative, and sustainable enabler of the Energy Transition. Decarbonisation Exploration applies integrated business, geoscientific and well engineering solutions to deliver sustainable baseload subsurface assets, such as molecular energy storage, carbon sequestration and geothermal energy.
Increasingly, regulatory authorities demand that energy companies demonstrate physical and contractual provisions for the secure sequestration of CO2 and sufficient energy storage capacity to balance intermittent wind and solar energy. dCarbonX is thus targeting premium offshore acreage positions to secure material offshore subsurface assets that can responsibly smooth the Energy Transition, including CO2 sequestration assets and energy storage assets that are flexible for current and future markets.
The two companies will share relevant data, technological insights, and operational scheduling on selected opportunities. dCarbonX will originate projects and work with Fugro and others to de-risk the ground conditions through data acquisition and technical analysis, utilising existing technology and developing innovations to improve safety and efficiency, whilst collaborating on monitoring methods to ensure safe and environmentally responsible operations.
Laura Hughes, Country Director UK of Fugro said: “At Fugro, we apply our specialist expertise to the solving of the big challenges of our time. We are excited to be joining dCarbonX in the pursuit of sustainable solutions to decarbonise the economy, utilising our combined insights.”
Tony O’Reilly, CEO of dCarbonX said: “We are delighted to have teamed up with Fugro, the world leader in its field. This strategic framework further enhances our growing operational relationships, that includes Stena Drilling and AGR. Fugro bring significant operational and analytical capabilities, particularly in near surface geology, that forms a critical element of safety management and environmental stewardship. We are also continuing to build our offshore project portfolio and corporate financial network and look forward to providing further updates over the coming period.”
Source: Company release by email