(Alliance News) - EnergyPathways PLC said on Monday that its licence application to fast-track the development of the Marram project has been pushed back slightly.
The West Sussex, England-based energy company is primarily focused on developing the Marram Field offshore gas project.
The Marram project is a gas field aimed at harnessing the large untapped gas resources, wind energy and geo-storage reservoirs in the UK Irish Sea. EnergyPathways is targeting first production in 2025.
The company said it now expects to learn the outcome of its outstanding licence application to the North Sea Transition Authority in the second quarter of 2024, rather than the first quarter. The licence would enable a fast-track development of Marram to commence.
In February 2024, EnergyPathways partnered with subsea engineering businesses Mermaid Subsea Services Ltd and Cortez Subsea Ltd. Both are part of the MCS Group, a provider of underwater technology solutions.
The new partners are collaborating with EnergyPathways on its front-end engineering design process, aiming to create an all-electric, zero-emission subsea production system. Marram is intended to be powered completely by renewable energy, which will qualify the project for governmental financial incentives.
Chief Executive Officer Ben Clube said: "Our focus is to ensure that Marram is a best-in-class decarbonised development that is not only fully compliant with government and NSTA directives, but also aligns with government strategy to support decarbonised energy solutions.
"Our longer-term strategy, to create an energy hub that provides an optimal solution for the UK's energy security and transition objectives, will build on Marram's foundation position and the competitive location of the UK Irish Sea.
"In that regard, we intend to undertake third-party studies to optimise the development of the licences that we have applied for, to enable quick and inexpensive transition of depleted fields into gas storage, including potential hydrogen storage, supporting value added energy solutions including decarbonised back-up power generation."
EnergyPathways shares fell 4.8% to 2.00 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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Energy Pathways (EPP)