Ocean Power Technologies deploys PowerBuoy in North Sea
The PB3 PowerBuoy wave energy device. Source: Ocean Power Technologies
Ocean Power Technologies (NASDAQ:OPTT), or OPT, has successfully deployed a PB3 PowerBuoy wave energy device in the North Sea for UK oil and gas exploration and production company Premier Oil.
The customer will use the PB3 PowerBuoy at its operated Huntington field as part of a nine-month lease that could be extended. The device will serve as an autonomous intelligent platform to provide communications and remote monitoring services.
At the end of the trial, Premier Oil will have the option to buy the unit. Moreover, Paul Williams, UK Business Unit Manager at Premier, commented that the company could potentially deploy this technology on other assets and for different purposes if this trial proves to be successful.
“This is a great opportunity to prove new technology which will enable us to minimise the environmental impact of our decommissioning programmes, whilst maintaining flexibility to deliver maximum economic recovery from our fields,” he said.