OPT’s PB3 PowerBuoy Technology for DeepStar® Zero Carbon Project

Ocean Power Technologies, Inc., a leader in innovative and cost-effective ocean energy solutions, announces receipt of a DeepStar® project award to study the deployment and operational requirements of utilizing OPT's PB3 PowerBuoy® to provide remotely controllable zero carbon power for deepwater subsea oil production applications.

"Remote Zero Carbon Power for Electric Subsea Operations" is a techno-economic feasibility study funded by the DeepStar® CORE program and supported by project champion Total E&P Research and Technology USA. The project will explore utilizing OPT's PB3 PowerBuoy® and a subsea battery to reduce the cost and carbon emissions associated with conventional means of powering and controlling subsea oil and gas production equipment. The study will consider water depths of 1000, 2000, and 3000 meters. Details are available on the DeepStar website.

"We are excited to work with Total and the DeepStar® member companies to explore the practical cost-saving, low-risk, and zero-carbon benefits of our solutions for deepwater subsea oil production applications," said George H. Kirby, President and Chief Executive Officer of OPT.

"Total is interested in studying how locally generated electrical power can support its vision of all-electric, low-carbon developments in deep offshore," said Daniel Byrd, Subsea & Deepwater Manager at Total E&P Research and Technology USA. "This study is intended to identify which combinations of parameters (water depth, tieback distance) could bring cost savings for a simple subsea architecture using OPT's PB3 PowerBuoy®."

DeepStar® is a joint industry technology development program focused on advancing technologies to meet its members' needs. Along with Total, members of the Texas-based consortium include Chevron, CNOOC, Equinor, ExxonMobil, JX Nippon, Occidental, Petrobras, Shell, and Woodside.