This agreement is driven by the strategic initiative to reduce the CO2 emissions in the North Sea by 2030, which also fits with Equinor’s strategy to move towards carbon free production.
NOV recently signed an agreement with Equinor and the Oil & Gas Technology Centre (OGTC) in the UK as a part of the qualification for an oil and gas condensates unmanned subsea storage system, providing a low CO2 solution for replacing floating storage units.
Accelerating the development and deployment of technologies that move the dial on carbon reduction, enabling the UKCS to become the world’s first net zero oil and gas basin, is a priority of the OGTC. In particular, this project aligns with our Marginal Developments Roadmap focus areas to support reusable subsea equipment and effective fluid handling. NOV’s subsea oil storage system has the potential to dramatically lower the cost and environmental impact by utilizing modern materials and a modular design, so it can be redeployed between developments whilst also providing more efficient fluid handling.
We recognize the industry shift for smarter, more environmentally friendly energy production globally, and have spent the last several years developing innovative subsea technologies to answer current challenges in carbon, risk, cost, operations, and re-usability. With this in mind, we have various disruptive subsea technologies that have been developed and qualified with major operators, including subsea water treatment and injection; automated pigging; and storage for oil and condensates, produced water, and chemicals.