Emerald Bay Energy Inc. has provided an update on recent events in Central Alberta.
Emerald Bay has announced that the corporation and its partners have begun plans to expand the partnership's electric generation project and associated fuel reserves near Nevis, Alberta. The partnership has acquired certain producing oil and gas assets strategically located in near proximity to the existing electric generation plant. The plant has been online for approximately one year. This acquisition provides immediate revenue from oil and gas production as well as fuel supply and sites for expanding the partnership's electrical power generation capacity. The company plans to increase from the current 1 MW of electrical generation to approximately 6 MW in 2016 with further expansions thereafter.
"Recent comments reported in the Calgary Herald, whereby Alberta Premier Rachel Notley stated: 'Coal is a high-carbon fuel that we currently depend on for more than half or our electricity in Alberta. In its place, we must encourage lower-carbon natural gas and renewables,' clearly illustrate that timing couldn't be better for projects like this in Alberta," commented Shelby Beattie, President and CEO.
The project delivers the framework for future electric generation projects whereby the corporation will be able to create revenue streams from natural gas wells that are currently uneconomical to produce. The corporation will continue with the process of evaluating future locations for power generation and is confident that the deployment cycle of future projects will be significantly shorter.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26112015/emerald-bay-provides-nevis-electric-generation-project-update-1824/