Ideol and Kerogen Capital Collaborate to Jointly Assess Offshore Wind Power to Oil & Gas Platform Opportunities
Ideol SA (“Ideol”) is pleased to announce that it has entered into a Memorandum of Understanding with Kerogen Capital (“Kerogen”), a private equity fund manager specialising in the international oil & gas sector to assess the benefits of using offshore wind to power oil & gas platforms.
The focus of this initiative will be to leverage Ideol’s technically proven floating offshore wind solution and combine it with Kerogen’s extensive international offshore oil & gas expertise and network. The collaboration is intended to identify and promote differentiating values propositions when substituting hydrocarbon powered generators of oil and gas production platforms with floating wind systems to improve the operational, commercial and environmental sustainability of the offshore facilities.
Paul de la Guérivière, CEO of Ideol, commented: “As already demonstrated with the development of the world’s first market-ready floating electrical substation, Ideol’s internationally recognized expertise in floating offshore wind can be leveraged to develop additional and increasingly relevant value-added solutions. We will benefit from Kerogen’s deep knowledge of the offshore oil & gas markets which will undoubtedly help us bring innovative products and services to the market. At the same time contribute to meeting the environmental and financial objectives of platform operators.”
Jason Cheng, Managing Partner of Kerogen, commented: “We are committed to reducing the carbon footprint of our portfolio companies and the broader oil and gas industry through proven technologies. 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. 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.”