Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. NORWEGIAN OVER THE COUNTER MARKET
  5. HitecVision AS
  6. News
  7. Summary
    HITV   NO0010272503

HITECVISION AS

(HITV)
  Report
SummaryChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

HitecVision : Vår Energi enters cooperation agreement for production of carbon neutral ammonia

09/09/2021 | 03:42am EST
Vår Energi enters cooperation agreement for production of carbon neutral ammonia

Vår Energi is partnering with Equinor and Horisont Energi to explore the possibilities for producing blue ammonia from natural gas, with CO2 capture and storage.

'The project could become an important step in achieving our ambitious climate goals and transition in more carbon neutral direction. Furthermore, as resources owner, we are committed to effective resource management and value creation in the region,' says Bjørn Thore Ribesen, VP Field Development and Projects in Vår Energi.

Vår Energi is the operator of the Goliat and Alke licenses in the Barents Sea. Goliat is mainly an oil field, but also holds natural gas currently being reinjected into the reservoir. Total recoverable resources in Alke and Goliat amount to about 25 billion standard cubic meters of gas.

'Vår Energi has explored various alternatives for producing the gas resources from these licenses. The potential for an ammonia plant has been included in our studies over the past year. This agreement strengthens our ambitions for a gas evacuation solution in the region,' Ribesen says.

The Barents Blue Project

The cooperation agreement builds on Horisont Energi's concept The Barents Blue Project. The project may entail Alke and Goliat gas resources being brought onshore in Hammerfest via pipeline. There, natural gas will be converted into carbon neutral blue ammonia by capturing and depositing CO2 in reservoirs under the seabed in the Barents Sea.

'In addition to possessing valuable gas resources, Vår Energi also has solid experience and expertise related to the Barents Sea subsurface. This will be essential for developing good solutions for CO2 storage in the future,' Ribesen points out.

Through the cooperation agreement the partnership aims to mature a technical and commercial solution. This will form the basis for further studies and a potential investment decision.

Ammonia is used on a large industrial scale in areas such as chemical industry and production of artificial fertilizers. Carbon neutral ammonia could potentially become a key energy carrier in the future, in particular within maritime transportation.

Disclaimer

HitecVision AS published this content on 09 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2021 07:41:01 UTC.


© Publicnow 2021
All news about HITECVISION AS
12/08HITECVISION : Sval Energi acquires Spirit Energy's Norwegian business
PU
11/23HITECVISION : Havfram and J.P. Morgan announce next generation wind turbine installation v..
PU
11/12Vår Energi sharpens climate targets
PU
10/26VÅR ENERGI : Shareholders initiate strategic review process
PU
10/26Eni, Point Resources Weigh Listing for Var Energi
DJ
10/18SVAL ENERGI : First turbine at the MLK wind farm is operational
PU
10/13VÅR ENERGI : Oil & Gas discovery in the Barents Sea
PU
09/15VÅR ENERGI : New step towards zero emissions
PU
09/10HITECVISION : Havfram in new ocean wind consortium
PU
09/09HITECVISION : Vår Energi enters cooperation agreement for production of carbon neutral amm..
PU
More news
Financials
Sales 2020 300 M 33,8 M 33,8 M
Net income 2020 59,8 M 6,74 M 6,74 M
Net cash 2020 59,8 M 6,73 M 6,73 M
P/E ratio 2020 25,4x
Yield 2020 2,41%
Capitalization 2 845 M 320 M 320 M
EV / Sales 2019 3,54x
EV / Sales 2020 4,86x
Nbr of Employees 62
Free-Float 100%
Chart HITECVISION AS
Duration : Period :
HitecVision AS Technical Analysis Chart | HITV | NO0010272503 | MarketScreener
Income Statement Evolution
Managers and Directors
Ole Ertvaag Chief Executive Officer & Director
Liv Marit Lundby Chief Financial Officer
Leif Johan Sevland Chairman
Pål Kristian Berger Director-Information Technology
Mariann Bærheim Chief Operating Officer
Sector and Competitors