Statoil will now have the opportunity to explore the potential development of an offshore wind farm to provide New York City and Long Island with a significant, long-term source of renewable electricity.
Statoil submitted a winning bid of $42,469,725 during the online offshore wind auction concluded today by the U.S. Department of the Interior's Bureau of Ocean Energy Management (BOEM).
The lease comprises an area that could potentially accommodate more than 1 GW of offshore wind, with a phased development expected to start with 400-600 MW. The New York Wind Energy Area is located 14-30 miles (30-60 km) offshore, spans 79,350 acres (321 km2), and covers water depths between 65 and 131 feet (20-40 meters).
Statoil will next conduct studies to better understand the seabed conditions, the grid connection options and wind resources involved in the lease site.
The State of New York projects that offshore wind will be a significant part of the renewable energy generation needed to meet its Clean Energy Standard in 2030.
In Europe, Statoil is developing an offshore wind portfolio with the capacity of providing over 1 million homes with renewable energy. Statoil currently holds a 40% share in the Sheringham Shoal wind farm in the UK, which has been in production since 2012. The Dudgeon offshore wind farm, also located offshore Norfolk in the UK – and the world’s first floating offshore wind farm, Hywind Scotland – will come in production in 2017. Earlier this year, Statoil acquired 50% of the Arkona offshore wind farm in Germany, which will come in production in 2019.
Statoil is an integrated, technology-based international energy company primarily focused on upstream oil and gas operations. From a daily production of approximately 1.8 million barrels of oil equivalent (BOE), more than 270,000 BOE stem from the company’s onshore and offshore oil and gas fields in the U.S.
Statoil’s Energy Ventures Fund, launched in February 2016, is one of the world’s largest clean technology venture capital funds, dedicated to the successful advancement of viable renewable energy projects.