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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Aker Solutions    AKSO   NO0010716582

AKER SOLUTIONS

(AKSO)
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Aker : and Leading Operators Join Forces to Qualify Subsea Gas Separation

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11/15/2019 | 03:01am EST

November 15, 2019 - Aker Solutions and a group of the world's leading oil and gas operators have come together in a joint industry project with the aim of making subsea gas separation a reality.

Using CO2 injection to increase recovery rates in offshore oil and gas fields can improve the economics of a field significantly, but so far, the separation of `back-produced' CO2 from the well-stream has been considered carried out on an existing platform, adding cost and making the concept economically unattractive. 

Now Aker Solutions together with energy companies Total, Pertamina, Equinor and industry group the CO2 Capture Project* (CCP), have initiated a Joint Industry Project (JIP) to identify required membrane qualities for a subsea gas and CO2 separation process, to minimize pretreatment needs and avoid large processing modules.

Flooding an oil field with CO2 increases recovery rates, and extends the life of an offshore field. Aker Solutions has developed new concepts for subsea processing of well streams from CO2-flooded oil fields, in which CO2-rich gas is separated, compressed and reinjected back into the reservoir. The hydrocarbon-enriched gas can then be routed to the topside production facility.

Subsea gas separation has the potential to make CO2-rich gas fields commercially viable.

Testing Membranes
A prerequisite for the concept to be technically and economically attractive is that the gas separation is done with robust membranes that reduce pretreatment requirements and remove the need for large processing plants.

Also, the qualified operating range for relevant membrane materials do not match the optimal operating conditions for gas separation on the seabed. Hence, testing must be done in order to obtain knowledge about membrane performance under these conditions.

The project will perform tests of different membrane qualities under relevant conditions related to pressure, temperature, gas composition and rates. The tests will be carried out by the SINTEF research institute in Norway. The project also includes technical and economic engineering studies to assess the technology concept based on the test results.

The project aims to:

· Qualify membrane qualities that are suitable for bulk separation of CO2 in a typical subsea process
· Confirm technical and economic use of subsea processing as a favorable concept for the realization of offshore CO2 EOR in combination with reinjection and storage of CO2

Aker Solutions delivered the first subsea gas compression system to Equinor for the Åsgard field offshore Norway. The system has been in operation with no unplanned downtime since it was installed in 2015. The subsea gas separation technology in combination with the subsea gas compression technology could make offshore handling of CO2 for EOR technically and economically attractive.

*Current CCP members are BP, Chevron and Petrobras.

ENDS

Media Contact:
Ivar Simensen, mob: +47 464 02 317, email: ivar.simensen@akersolutions.com

Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com

Aker Solutions helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future. Aker Solutions employs approximately 16,000 people in more than 20 countries.

Visit akersolutions.com and connect with us on Facebook (https://www.facebook.com/AkerSolutions/), Instagram (https://instagram.com/akersolutions/), LinkedIn (https://www.linkedin.com/company/aker-solutions), Twitter (https://twitter.com/akersolutions) and YouTube (https://www.youtube.com/akersolutions).

This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com

https://news.cision.com/aker-solutions-asa/r/aker-solutions-and-leading-operators-join-forces-to-qualify-subsea-gas-separation,c2961857

(c) 2019 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
AKER SOLUTIONS -2.08% 21.65 Delayed Quote.-45.86%
EQUINOR ASA 0.00% 167.9 Delayed Quote.-10.45%
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Financials (NOK)
Sales 2019 28 348 M
EBIT 2019 943 M
Net income 2019 257 M
Debt 2019 4 120 M
Yield 2019 0,25%
P/E ratio 2019 22,6x
P/E ratio 2020 19,7x
EV / Sales2019 0,35x
EV / Sales2020 0,38x
Capitalization 5 829 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 34,00  NOK
Last Close Price 21,65  NOK
Spread / Highest target 159%
Spread / Average Target 57,0%
Spread / Lowest Target 10,9%
EPS Revisions
Managers
NameTitle
Luis Antonio Gomes Araujo Chief Executive Officer
Øyvind Eriksen Chairman
Dean Watson COO & Executive VP-Subsea Lifecycle Services
Ole Martin Grimsrud Chief Financial Officer
Hervé Valla Chief Technology Officer
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