Independent equity fund manager Kerogen Capital has partnered with a French floating foundation developer to study the benefits of using offshore wind to power oil and gas platforms.
Under a Memorandum of Understanding, Kerogen will combine its offshore oil and gas network to with Ideol’s floating wind solution.
The partnership seeks to improve the performance of offshore facilities by substituting hydrocarbon-powered oil and gas production platforms with floating wind systems.
Jason Cheng, Managing Partner of Kerogen, said: “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.”
The first long-life project is expected to be deployed in the North Sea area.