Saipem in ground-breaking agreement for deep-seabed mining

Must Read

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale...

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s,...

Bharrat outlines more measures for managing Guyana oil resources

Guyana’s Minister of Natural Resources, Vickram Bharrat, has outlined a number of new policy directions for the...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Fincantieri and Saipem have signed a Memorandum of Understanding (MoU) to promote the development of deep-seabed mining (DSM), i.e. the sustainable exploitation of deep-sea floors over 3,000 metres in depth. This agreement sets the ground for a strategic partnership aimed at developing and pursuing business opportunities in the field of designing, engineering, building and managing DSM systems.

Deep-sea floors are rich in minerals, mostly sulphides (sulphur), cobalt crusts and polymetallic nodules, all of which are essential to modern digital economy. There are no appropriate industrial extraction applications, however, that can enable mining companies to extend their activities in open water.

Fincantieri and Saipem decided to pool together their expertise to provide these professionals with innovative solutions. Therefore, the first goal of the partnership will be to draw up an industrial plan containing evidence of the technical and economic feasibility and sustainability of new DSM projects.

“The agreement signed with Fincantieri brings together two Italian leaders involved in promoting deep-seabed mining. Saipem boasts innovative technologies, distinctive skills, assets and an outstanding track record in the sector that will be put to use in the joint project with Fincantieri with the aim of finding environmentally compatible solutions so that sea beds can be used sustainably” commented Stefano Cao, CEO of Saipem.

Fincantieri’s CEO, Giuseppe Bono said the minerals in underwater deposits will turn out to be essential, should the world manage to move from a fossil-fuel based economy to a green economy. “Actually, many renewable technologies require huge amounts of metals that are available in high concentrations in deep-sea floors, and those who will be ready to encourage the use of such metals will move in this direction,” he said.

Technologically speaking, Bono said these are extremely complex activities. “The engagement of major industrial groups such as Saipem and Fincantieri will therefore help preserve the environment, thanks to their long-standing wealth of proven engineering and management experience and skills.”

In Guyana, Saipem has been awarded subsea contracts for the first two phases of the Liza development in the offshore deepwater Stabroek Block. The company had announced in November 2019 that it was awarded a contract for the proposed Payara development project also located at the Stabroek Block.

- Advertisement -

Latest News

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s,...

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale in the move towards renewable...

Bharrat outlines more measures for managing Guyana oil resources

Guyana’s Minister of Natural Resources, Vickram Bharrat, has outlined a number of new policy directions for the extractive sectors including oil and...

Outlook for global energy with new suppliers such as Guyana

Demand is weaker, but it is getting better. There are challenges for both demand and supply sides for all oil-producing economies. The...

Oil workers flee as third storm in month aims for U.S. offshore fields

(Reuters) - Royal Dutch Shell halted some oil production and began evacuating workers from a U.S. Gulf of Mexico platform, the company...

More Articles Like This