SBT Energy has reported success for its wave-tank tests and field trials of eight buoy and offshore tank developments which it said could cut production costs by two thirds and per barrel operating costs by 70%. The company is also working on a new wave energy storage system that would be able to store up to four hours of power from the sun or wind at sea in an emergency. The buoys could hold equipment or act as exploration and production locations. The tests were carried out with the collaboration of the University of Edinburgh and the UK Oil and Gas Innovation Centre.
SBT Energy has reported success for its wave-tank tests and field trials of eight buoy and offshore tank developments which it said could cut production costs by two thirds and per barrel operating costs by 70%. Such reductions would make offshore oil and gas more competitive against shale oil while supporting production rises, job creation and energy security. The buoys could hold equipment or act as exploration and production locations. The tests were carried out with the collaboration of the University of Edinburgh and the UK Oil and Gas Innovation Centre.