Tech Talks Take 5 with Nick Bentley, Managing Director, Oceania Marine Energy
Nick Bentley, Managing Director of Oceania Marine Energy is a de-carbonization and sustainability focused energy professional who champions identifying and unlocking opportunities enabled by technological advances. A founding director of a successful energy transition consultancy, Nick is a strong advocate of using Australia’s geographic and expansive natural resource position to develop a sustainable shipping industry. Nick is leading Oceania's commitment to deliver over a million tonnes of low carbon marine fuel by 2030.
Nick sat down with CORE ahead of his Tech Talks session with METS Ignited’s GM for WA & SA, Kylah Morrison.
What does your role entail within the business and what will your key focus be in the coming months?
As Managing Director of Oceania I have been leading the team to deliver a solid pipeline of low carbon marine fuel projects, we are aiming to have a fleet of 5 bunker vessels supplying this fuel across Australia.
To realise these projects requires engagement with stakeholders across the value chain, which takes up the majority of my time. From energy generation to port authorities to international shipping companies and the mining industry. All must work in concert to realise the goal of decarbonisation of the shipping industry. I have been working tirelessly to bring them to the table and ensure committed goals.
Our team are constantly working on the feasibility of new projects to add to the pipeline, this is predominantly technical engineering feeding into economics, we have completed feasibility for LNG and Ammonia out of Dampier and are just wrapping up our first phase for Port Hedland. We are also looking to the east coast to service the predominant container shipping fleets.
Finally, we have the ship technology side, where Oceania have entered a consortium with technology partners in Norway [Wartsila, DNV, Kanfer Shipping] to develop our carbon-free bunker vessel, which will both be powered by and will deliver carbon-free green ammonia, Targeting early Q1 2023 to complete the Approval in Principal for our ship design (Technology certification by Class). This vessel is being designed to be deployed for operation in other geographies, not just Australia.
What are 2-3 industry challenges you are facing/coming across?
At a macro level – the developments in China which may affect our iron ore industry customer base, but also our supply chains for the build of the vessel is a concern, we are looking at building our ships in Europe, Japan or Korea to mitigate this.
Skilled workforce constraints for the build out of the renewable energy generation and port civil works will put pressure on all projects in the NW.
Australia has a strong track record of building large infrastructure projects for the export of energy, previously this was natural resources but now we need to turn that activity to exporting renewable energy resources and do it at scale.
Building a new industry in Australia, specifically handling new fuels, requires training a new workforce. This is a multi-year process and the training and education needs to start to be formulated now.
From a personal perspective, being a minnow in a sea of whales, means although we can develop our projects and technology quickly and efficiently without large corporate bureaucracy we find the incumbent players, miners especially, are more comfortable partnering with other large companies, however this really stifles innovation.
What are your thoughts around the structural shift of the mining industry in recent times and the accelerated pace of change in the resources sector?
Fundamentally, we are noticing a change in perception from our target market of ship owners, especially true this week with COP27. Where we are seeing international agreements and commitments to develop green shipping corridors between trading partners. This highlights the challenge that the mining industry won’t move until legislated and encouraged by socio-political pressure rather than economics alone. They are driven by the product and service provided by these ship owners.
Procurement departments are still formulated around the $/tonne/mile costs for shipping without accounting for the environmental cost. However we are starting to see this change from the ship owner perspective recognising the advantages of moving away from the short term volatility of the traditional fuel hydrocarbon market.
What does innovation mean to you and your company?
Oceania was born as a spin off from BE&R an energy transition consultancy. Over the past 5 years we have identified multiple opportunities to decarbonise heavy industry with a focus on the marine space.
BE&R is now evolving into a venture firm whereby we use our engineering and development expertise to identify and nurture opportunities into investable entities. BE&R can take on the early innovation risk by conducting early phase ideation and feasibility studies. Ensuring the technology and economics are sound before packaging the venture ready for confident investment at a more credible stage.
What are you most excited about covering in your upcoming session?
Sharing the vision of Australia transitioning to a low carbon energy powerhouse, activating an embryonic industry in which Australia can be a world leader.
Demonstrating the decarbonisation potential of connecting our renewable resources to our mining and shipping industry.
Showcasing our leading design for our carbon-free bunker vessel.
Nick’s Tech Talk will focus on Decarbonising the Shipping Industry
90% of the world’s goods are traded by Sea. Shipping is responsible for 3% of global emissions, rising to 10% by 2050.
Western Australia’s economy is driven by exports - 80% is Iron Ore, generating 22.5 million tonnes of CO2 each year. WA’s leading mining companies have all committed to net zero by 2050 or sooner.
If we decarbonise 1 ship, that is equivalent to removing 30,000 cars off our roads. We are aiming to decarbonise 300 ships, servicing the entire fleet operating between the Pilbara and Asia.
Oceania’s green ammonia bunker vessels will connect Western Australia’s renewable energy potential with the world’s heaviest tonnage shipping fleet.
We are developing the technology, building the infrastructure and partnering with energy producers to provide a sustainable, reliable and economic supply of carbon free fuel.
Oceania is dedicated to deliver over a million tonnes of low carbon marine fuel by 2030.