Marine energy developer OPT expanding to offshore oil and gas sector

OPT PowerBuoy

Wave energy developer Ocean Power Technologies, Inc. has been selected by Offshore Europe to launch its "PowerBuoy" generating devices into the global oil and gas sector.

OPT (NASDAQ: OPTT) said its PowerBuoy wave energy system has already been successfully utilized in the defense, renewable and utility sectors, with installations already producing energy at several sites around the globe.

"At OPT, we have broad experience in developing products for applications that work across industry boundaries," company managing director Tim Stiven said. "Having successfully transferred the PowerBuoy from renewables to the defense sector, we are confident, as a result of engagement with a number of representatives from the oil and gas sector, that our technology has the potential to redefine how power is generated and used offshore."

The company said it envisions its units to be used in a number of ways, including:

  • UUV garages for permanent infield monitoring and inspection of assets;
  • Diesel replacement for energy generation on Oil & Gas platforms;
  • The control of electric trees for CO2/water field injection;
  • Environmental monitoring for pre-post deployment;
  • Real-time on site field monitoring/sensing systems for 4D reservoir analysis and pre/post deployment surveys;
  • Security cordons for offshore developments; and
  • Temporary navigational markers for surface & submerged structures.

"Its wide range of potential applications only serves to strengthen its commercial capability," Stiven said. "We ultimately believe that the PowerBuoy can be used to reduce diesel and transportation costs, thereby having a positive commercial impact on offshore operations."

Ocean Power Technologies is headquartered in Pennington, N.J. recently reported that the company had received funding from the U.S. Department of Energy that will be used to help develop America's marine and hydrokinetic sector.

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