Industry

IGas “excited about green energy revolution”

The oil and gas producer, IGas, has said it is looking forward to making a “material contribution” to the green energy revolution.

IGas Singleton oil site in West Sussex. Photo: IGas

In a business update today, the company said it was “well placed” to benefit from the transition to low carbon energy.

The chief executive, Stephen Bowler, said:

“Having completed a review of IGas’s assets, I am excited about the various energy transition opportunities that we have identified.”

Last year, the company announced the acquisition of a geothermal company and partnership with a US firm, BayoTech, for hydrogen production.

Mr Bowler said the hydrogen opportunities would increase the value of the company’s gas and pioneer the use of small-scale methane reformation equipment in the UK. He also said:

“Our land portfolio is well suited to the development of renewable and hybrid flexible power generation and our assets have the potential for carbon storage at scale in locations close to emitters.”

On the government’s ten point plan for a green industrial revolution and the recent Energy White Paper, Mr Bowler said:

[they provide for] significant opportunity for our geothermal business in the decarbonisation of large-scale heat.

“We look forward to advancing these and other opportunities which will allow IGas to make material contributions to the Green Energy Revolution.”

The update said IGas average net production for the 12 months to 31 December 2020 were within 1,850-2,050 barrels of oil per day (boepd), despite the impact of Covid-19.

IGas net production for 2019 averaged 2,325 barrels of oil equivalent per day. 2020 net production had previously been predicted at 2020 at 2,250-2,450 boepd.

IGas also said it had hedged 370,000 barrels for 2021 at an average floor price of US$44/barrel.

At 30 November 2020, IGas cash balances stood at US$2.8million, with net debt at US$17.2m.

10 replies »

  1. How eco friendly (carbon free) is hydrogen gas converted from shale gas? Has anyone done an analysis of Igas claims.

    • David

      I do not see that I Gas intend to frack for gas and then reform it and then pop the residue back into the ground.

      They say that they have some gas, and also some depleted reservoirs into which they would like to inject whatever the ’emitters’ produce.

      So – nothing to do with fracking, but a move to utilise old reservoirs and also look at small scale methane reformation.

      Hence – looking at their information, they have not said they will produce UK frack gas and use it to make hydrogen, and therefore, have no need to analyse how eco friendly it would be. My guess is that they never will produce UK HPHV Shale gas.

  2. IGAS? Green Revolution? Geothermal? Earthquakes? Carbon Capture?

    OK if it’s Green?

    Oops!

    How times change?

    There will be tears before bed time….

  3. Mr. Ruth Hayhurst,

    Happy New year.
    Thru this independent work you are doing excellent work, your views n others opinion are really an eye opener for other countries as well. On shore fracking for oil /gas has definite impact on Earth’s crust , which creates voids In the upper, inner crust . Which can lead to Man made earth quakes .
    Though this voids are filled with water, n other additives, drilling muds etc.

    There is a great concern expressed by people, experts, geo-petroleum experts, activists from time to time.
    Inspite of all such counter views, realtime case studies , all over the world Mad rush for exploring new gas- oil fields is going on. Like the last century Gold rush.

    Though, alternate source of energy, fuel is also going on. It’s a long way to go.
    Let’s not forget ‘ The Earth Matters ‘ the most.

  4. “The Earth matters the most.” Kaushik’s timely reminder of what Attenborough has been telling all those who care to listen should inspire the actions of our energy giants and the direction of our planetary economies at this time of slow recovery from the pandemic and the associated rapine activités which continue to be inspired by greed now that we know what we are doing. There are signs that governments and corporations are listening now that they have little choice: they need our continuing encouragement. May 2021 bring realisation to the many that the course previously followed will/can not benefit the planet.

  5. I dont think anyone wants to pay for Carbon Capture whether from the public or private sector. Tony Blair was always going on about how technology and remediation and CCS would solve all our CO2 problems but nothing came of it, the project in I think Lincolnshire ? was shelved. Now this has a hollow ring of something from the past. Perhaps Rishi Sunak has been growing a forest of magic money trees in his back garden? It seems to be mankind’s way to soil its own nest and then move on, Not like Le Petit Prince protecting his planet at all. Only children have the humility to undersand.

  6. A timely reminder of the impact of the “Green Agenda” and putting all our eggs in one basket… this is only going to get worse with each additional wind turbine added. Hopefully the Government will wake up and ensure there is sufficient back up available for high pressure events at night. And batteries will not be viable in sufficient capacity.

    https://www.theguardian.com/business/2021/jan/05/cold-snap-sees-uk-electricity-market-prices-reach-new-high

    “Cold snap forces UK electricity market prices to new high
    National Grid issues urgent call for suppliers to generate extra 524MW of electricity capacity”

    The obvious solution is more gas power stations and preferably locally sourced gas.

    • Paul

      3.6GW of coal in operation today. I suspect Ratcliffe and West Burton are producing (not been for a walk to have a look yet), but they will not be there forever as maintenance costs are high. Ratcliffe did have a humungous pile of coal last time I drove by in late Dec, so I guess coal will hang on for a bit – imagine, not mined here (tick), no fracking (tick), easily stored (tick), no industrialisation of the countryside (tick), wedding venues used to it (some overlook West Burton!) (Tick), existing infrastructure (tick), can be retro fitted with CCS (heavens).
      Amazingly expensive to run for short periods (tick)

  7. At 1130am this morning wind is generating only 7% of the UK demand load of 44GW.

    Total renewables including this wind is 17%.

    Gas 51%

    Even coal (I thought that was history?) is generating more than wind at 8%.

    Luckily we are importing from France at maximum capacity due to their nuclear generation.

    https://gridwatch.co.uk/

    It is not rocket science to figure out that something that can produce over 50% of our electricity when it is windy but fall to almost zero when there is no wind is going to cause grid problems, particularly maintaining the 50Hz required. More wind = more problems.

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