London, 29 November 2023, (Oilandgaspress) –Crown Estate Scotland has today confirmed that as part of the Innovation and Targeted Oil & Gas (INTOG) leasing round, seven TOG projects now have Exclusivity Agreements in place, meaning that they can move into the development stage of the world’s first offshore wind leasing round of its type.
The seven TOG projects join the five Innovation projects which secured Exclusivity Agreements earlier this year, taking to 12 the total number of INTOG projects (from a total of thirteen agreements offered earlier this year).
INTOG leasing aims to attract investment in innovative offshore wind projects in Scottish waters, as well as help decarbonise North Sea operations.
The INTOG process allowed developers to apply for seabed rights to develop projects that either reduce emissions from the North Sea oil and gas sector – by supplying renewable electricity directly to oil and gas infrastructure (TOG) – or consist of small-scale (IN) innovative projects of 100MW or less.
The proposed projects are for up to 449 MW of capacity for IN and up to 5GW for TOG projects and are expected to present a significant supply chain investment opportunity in Scotland.
With Exclusivity Agreements now in place, the successful applicants can continue with offshore wind development work while Marine Scotland’s planning process for the INTOG Sectoral Marine Plan (INTOG SMP) is completed.
Combined, the 12 projects which have secured Exclusivity Agreements will pay up to £262 million in option fees. (Note: whilst Crown Estate Scotland will hold option fee monies until the agreements move from exclusivity to option, during the exclusivity period these monies are not available to Crown Estate Scotland).
Information Source: Read full article
Energy ,Petrol , Electric Power , Natural Gas , Oil , Climate , Renewable , Wind , EV , LPG , Solar , Electric , Electric Vehicles, Hydrogen, Oil Price ,Crude Oil, Supply, Biomass , Sustainability,
.jpg "Primergy Announces 5M in Corporate and Project Financing for its Valley of Fire Portfolio"){kind=logo}
