Oracle Power venture in Pakistan contracts surface-level survey

The AIM-traded firm said the topographic survey of the 28 square kilometre site was being completed by Fugro through the use of drones, providing vital mapping data about the newly-leased project site, including accurate terrain information on roads, streams and buildings.

It said the data would help it to “optimise” planning, design and construction costs for the planned 1.2 GW of hybrid wind and solar plants, and the 400MW green hydrogen facility.

Additional data, including ground control points and field verification, would be attained using a manned GPS survey team.

The company said the topographic survey, due to be completed in the first quarter of 2023, was an “important next step” in the development of the flagship green hydrogen project ahead of the commercial and technical feasibility study, due to be released in the first half of next year.

Oracle Power said the project was planned to have an initial capacity to produce 55,000 tonnes of hydrogen annually, and be one of the largest hydrogen projects in the Middle East and Asia.

Fugro Pakistan, part of the Euronext-listed, Netherlands-based Fugro group, specialises in surveys and mapping supporting oil and gas development and civil engineering projects and has been operating in Pakistan since 1979, Oracle’s board said.

The project included plans to develop solar and wind power facilities with a combined output capacity of 1.2 GW, consisting of 700MW solar and 500MW wind, along with a battery storage park of up to 450 MW, to ensure the continuous production of hydrogen throughout the year.

Oracle Energy, a 30-70 joint venture between Oracle Power and Shaikh Ahmed Dalmook Al Maktoum through Kaheel Energy FZE, was aiming to start production in the fourth quarter of 2026, supplying domestic industries manufacturing, fertiliser production, transport and power generation plus international markets.

“The commencement of the topography survey is another major step towards setting up this important project as it will lead to clearing the project site for suitability and will feed into design and planning of the large facility encompassing 1.2 GW of hybrid power plants and hydrogen and ammonia production units,” said chief executive officer Naheed Memon.

“We are committed to becoming one of the largest producers of green hydrogen in the region to meet the domestic demand for green fuel as well as a growing overseas requirement, as the world transitions to clean energy and a zero carbon future.

“We look forward to updating the market as this exciting project advances.”

At 1105 GMT, shares in Oracle Power were down 0.13% at 0.23p.

Reporting by Josh White for Sharecast.com.