Mane Energy Issue 10 - July 2018 - Page 11

JULY 2018 | MANE ENERGY | 11





Norway recently revealed to the world that they have a large sovereign wealth fund of $1 trillion. The fund comes about from the country's proposed path to exit oil and gas stocks. At the time of proposal, Norway had an estimated $40 billion of shares in Exxon Mobil Corp and Royal Dutch Shell.

Oil giants Shell announced they have found a nw large deep-water well in the US Gulf of Mexico. The well was discovered at more than 800 feet from the surface. The discovery, christened Dover lies 13 miles from the Appotomax oil field and is considered to be an "attractive potential tieback".

Total have obtained 10% share in the Arctic LNG 2 Project in the Gulf of Ob. Given Total's 19% stake in the project organizers Novatek, Total's overall economic interest in the project is 21.5%. Another perk of Total's deal is a chance to buy 10-15% interest in Novatek's 2 future LNG projects.

The North Yorkshire power station belonging to Drax Group are leading a £400,000 trial to capture and store carbon in an attempt to kickstart a struggling technology in Britan. The aim is to reduce the emissions from one of it's 4 biomass-burning units using a BECCS (bioenergy with carvbon capture and storage) system - a world first according to experts.