Devon Energy Partners With Omnia Midstream to Integrate Renewable Energy Into Operations in Delaware Basin

Rhea-AI Summary

Omnia Midstream Partners announced a significant development agreement with Devon Energy (NYSE: DVN) to integrate renewable energy into the Stateline field operations in the Delaware Basin. This project aims to reduce carbon emissions, provide competitively priced electricity, and enhance well run-time through emission-free energy sources. Utilizing American-made solar panels and battery storage, the innovative design employs predictive analytics to optimize efficiency. This collaboration aligns with the industry's net-zero greenhouse gas emissions goals for 2050, emphasizing sustainable growth in traditional energy sectors.

Positive

• Development agreement to integrate renewable energy in Devon's operations.
• Reduction in carbon emissions anticipated from the project.
• Use of American-made solar panels and battery technology enhances local supply chains.
• Employs predictive analytics for efficient energy use and cost reduction.

Negative

• None.

TULSA, Okla.--(BUSINESS WIRE)-- Omnia Midstream Partners, LLC today announced a development agreement to integrate renewable energy into the operations of Devon Energy Corp’s (NYSE: DVN) Stateline field located in the Delaware Basin.

The project will include significant benefits for the producer’s stakeholders through carbon emissions reduction, competitively priced electricity, economic value in the investment, and improved well run-time from a self-generated, emission-free source of electricity that will enhance the stability of its private electric grid.

Omnia Midstream Partners, LLC, a Tulsa, Oklahoma based energy solutions developer and advisor, worked with Devon to integrate emissions-reducing renewable energy and battery storage into its power supply to supplement a highly dynamic upstream and midstream power demand. Omnia specializes in creating sustainable environmental solutions for upstream and midstream energy operations.

The project integrates the latest photovoltaic and battery technologies into the company’s upstream oil and gas operations to reduce emissions and improve efficiency across the business. Design of the project incorporates American made solar panels, inverters, and battery storage to support dynamic power demand on the company’s private electric grid. Moreover, the design incorporates data generated from Devon’s existing platforms, then utilizes predictive analytics and insights to ensure that the renewable energy is being put to efficient use; lowering costs and providing a competitive advantage for future growth. Projects such as this one are a step toward delivering on the industry’s goals to achieve net zero Green House Gas emissions for direct and indirect sources by 2050.

Chad Cagle, Omnia’s co-founder, said, “renewables can drive responsible growth in the traditional energy sector. Our approach combines experience, data analytics, and renewable technologies to deliver sustainable energy transformations for oil and gas companies.” He said a key element of the process has been Devon’s preference toward employing technology driven solutions for complex problems that require innovative solutions. Because of the collaborative approach Omnia has been able to develop other applications for solar energy in the upstream space that will be attractive to other companies.

Cagle also points out the tremendous backlogs of large-scale renewable projects seeking interconnection agreements with various utilities. “By focusing on our client’s specific, smaller-scale, operational needs downstream of the utility meter, we can quickly implement a solar and battery solution to improve reliability, runtime, reduce operating costs, and most importantly reduce carbon footprint without the lengthy approval process necessary for larger scale projects.”

Omnia Midstream Partners, LLC uses innovative solutions to solve problems and create value in the energy industry. With over 60 years of combined experience across the upstream and midstream sectors, Omnia leverages experience, technology, and data analytics to help clients extract value from their current assets, achieve Environmental, Social, and Governance goals, and build an asset-based renewable energy portfolio to drive long-term success. Contact omniamidstream.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005762/en/

Jennifer Harrington

918-346-7714

jennifer@resolutepr.com

Source: Omnia Midstream Partners, LLC

FAQ

What is the development agreement between Omnia Midstream Partners and Devon Energy?

The agreement focuses on integrating renewable energy into Devon Energy's operations at the Stateline field to reduce carbon emissions and improve efficiency.

How will the renewable energy project impact Devon Energy's operations?

It aims to provide competitively priced electricity and enhance well run-time with emission-free energy sources.

What technologies are being used in the Devon Energy renewable project?

The project incorporates photovoltaic solar panels and battery storage to support energy needs.

What are the environmental goals associated with this project?

The project supports the industry's goal to achieve net-zero greenhouse gas emissions by 2050.

How does this project benefit Devon Energy's stakeholders?

Stakeholders benefit through reduced carbon emissions, lower operational costs, and enhanced efficiency.