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Energy Investment News

04 Dec 2023

India Resumes Imports of Venezuelan Oil

© Fotos von Schiffen / Adobe Stock

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.Trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders…

13 Nov 2023

Will the Effort to Reach Zero Emissions Go Nuclear?

© Ezume Images / Adobe Stock

On December 8, 1953 President Dwight D. Eisenhower addressed the 470th Plenary Meeting of the United Nations General Assembly. The speech he delivered is often recognized as his effort to introduce “Atoms for Peace”, a program to move nuclear fission and technology away from weapons development and into clean energy.As a result of that effort and program, the NS Savannah was built and delivered as the first nuclear-powered merchant ship. She was built in the late 1950s at a cost of $46.9 million and launched on July 21, 1959.

09 Oct 2023

The Headwinds of US Offshore Wind Development

© nblxer / Adobe Stock

On March 29, 2021, President Biden announced his ambitious plan to deploy 30 gigawatts (GW) of offshore wind power – enough energy to power 10 million U.S. homes – by 2030. The plan would leverage authorities under the Department of Interior, Energy, and Commerce to guide “more than $12 billion per year in capital investment in projects on both U.S. coasts, create tens of thousands of good-paying, union jobs, with more than 44,000 workers employed in offshore wind by 2030 and nearly 33,000 additional jobs in communities supported by offshore wind activity.” The U.S.

26 Jun 2023

Offshore Wind Company Will Retrain NY Power Plant Union for Clean Energy Jobs

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An offshore wind developer partly owned by TotalEnergies said on Monday it has agreed to retrain and keep roughly 100 union workers from a New York City natural gas-fired power plant that it intends to repurpose for its project.The company, called Attentive Energy One, has proposed a 1.4 gigawatt (GW) offshore wind installation off New York that would connect to the mainland grid at the site of the Ravenswood plant in Queens, and is competing for a power contract with the state.The company is a joint venture between TotalEnergies…

16 Feb 2023

Australian Coal Cargo Leaves China Amid Customs Uncertainty

At least one ship carrying Australian coal that was destined for China has been diverted due to uncertainty around Chinese customs policies following the easing of a ban on imports from Australia, according to traders and shiptracking data.The BBC Maryland, hauling about 12,000 tonnes of thermal coal from Australia's Newcastle terminal, was headed to Vung Tau in Vietnam on Thursday after waiting five days without unloading at the eastern Chinese port of Changshu, Refinitiv and Kpler data showed.Changshu customs officials and China's General Administration of Customs had no immediate comment.The ship's diversion is the first sign that…

09 Feb 2023

Australian Coal Arrives in China for First Time in More Than Two Years

At least two vessels carrying Australian coal have arrived in China for the first time since an unofficial ban on imports was introduced more than two years ago, and several more are on the way, shiptracking data showed. The cargoes are being closely monitored by coal traders as they are keen to see how smooth Chinese customs procedures will be.China last month, in a partial easing of the import ban, granted permission to just four central-government owned firms to bring in Australian coal. Tiger East, a dry bulk vessel loading some 73,300 tonnes of Australian thermal coal from Queensland, is discharging at the southern Chinese city of Taishan…

31 Jan 2023

First Australian Coal Heads to China After End of Ban

China is set to receive at least two cargoes of Australian coal in early February, according to traders and shiptracking data, the first since an unofficial ban on imports in place since 2020 was lifted earlier this month.Coal traders will be paying attention to how easily the shipments pass customs for signs that the informal ban is truly over and in the hopes of sending more Australian coal to China.Australian thermal coal for power generation and metallurgical coal for steelmaking are favoured by Chinese consumers for their high-quality. China's coal demand is forecast to rise in the upcoming months amid an expected economic rebound after Beijing rolled back its draconian zero-COVID strategy.

06 Jan 2023

China Eases Australian Coal Ban

Copyright Parilov/AdobeStock

The increasing need to secure energy supplies after easing COVID-19 restrictions has pushed China to gradually resume Australian coal imports and urge domestic miners to boost their already record output.The lifting of the unofficial ban on Australian coal imports, which were halted in 2020 in a fit of Chinese pique over questions on COVID's origins, is the clearest sign yet of the renewed ties between them. The resumption is also a reminder of their economic interdependence as Australia's raw materials play a crucial role in fuelling the export-oriented economy of China…

13 Oct 2022

Tidewater to Expand Columbia River Barge Service

Tidewater Barge Lines, Inc will expand its regional barge service on the Columbia River after being awarded grant funding from the U.S. Department Maritime Administration (MARAD).The $4,168,759 from MARAD, combined with nearly $2 million in matching funds from Tidewater, will provide two new low and zero emission cranes that will enable the loading of additional solid waste containers on barges for shipment from southwest Washington to eastern Oregon.“This award will allow Tidewater…

05 Oct 2022

Mitsui OSK Signs Charter With New Russian Operator of Sakhalin-2 LNG project

Japan's Mitsui OSK Lines (MOL) said on Wednesday it had signed a long-term charter contract with the new Russian operator of the Sakhalin-2 liquefied natural gas (LNG) project for LNG carrier Grand Mereya to continue its shipping service.Russian President Vladimir Putin signed a decree in June taking charge of the LNG project, creating a new legal entity to deal with buyers and shareholders. MOL's move comes after Japanese utilities, such as JERA and Tokyo Gas, signed deals with the new Russian operator to maintain long-term deliveries of LNG and Japanese trading houses Mitsui & Co and Mitsubishi Corp were approved by Russia to take a stake in the new operator.

01 Jul 2022

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

File Photo: Sakhalin Energy

Russia announced on Friday a decree that seizes full control of the Sakhalin-2 gas and oil project in the country's far east, a move that could force out Shell and Japanese investors and adds another bullish factor to prices in a tight global LNG market.The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell SHEL.L and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. Japanese…

12 Jan 2022

U.S. Plans Record Offshore Wind Sale

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The Biden administration on Wednesday outlined a range of measures to speed the growth of clean energy on the U.S. power grid, including the government's largest-ever sale of offshore wind leases in waters off the coast of New York and New Jersey.The announcement, which seeks to advance President Joe Biden's ambitious climate change agenda, comes as sweeping legislation to support those goals is stalled in Congress. It is aligned with Biden's pledge to take an "all-of-government" approach to fight global warming and decarbonize the U.S.

30 Dec 2021

Standard Drilling Sells PSV Standard Princess

Oslo-listed offshore energy investment firm Standard Drilling announced it has sold the platform supply vessel Standard Princess for $10.3 million.The Cyprus-headquartered company said Wednesday it completed the transaction after announcing a memorandum of agreement to sell the vessel in November.The large 93.4-meter-long PSV was built at Norway's Aker Brattvaag in 2008, with 1,060 square meters of deck space.Following the sale, Standard Drilling will control, in addition to the investment portfolio, directly and indirectly, a fleet of seven PSVs, including two large PSVs 100% owned and five medium-sized PSVs with approximately 28% ownership interest, the company said.

05 Nov 2021

Dominion Energy Files Plans for 2.6GW CVOW Project to Virginia Authorities

Credit: Dominion Energy

U.S. company Dominion Energy expects to file plans later on Friday with the Virginia State Corporation Commission for approval to construct the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) commercial project, which will generate enough clean energy to power up to 660,000 homes."The filing keeps the project on schedule and builds on recent economic development announcements, such as the Siemens Gamesa Renewable Energy turbine blade factory at the Portsmouth Marine Terminal and Dominion Energy's investment in the only U.S.

23 Mar 2020

Svitzer Gets 10-Year Contract Extension with Sakhalin Energy Investment

Svitzer operating in Sakhalin, Russia. Image Courtesy Svitzer.

Svitzer, the towage operator that is part of Maersk, announced a 10-year extension of its marine service contract with Sakhalin Energy Investment Company Ltd., a consortium set up to develop and manage the Sakhalin-II project, aimed at producing and exporting oil and liquefied gas.Svitzer has been providing towage services to the Sakhalin-II project since 2007, and the extension comes into effect in November 2022 to support the mooring of more than 1,800 gas carriers with a vessel fleet of four Robert Allen ice-breaking tugs and two mooring boats.

09 Sep 2019

Gazprom, Kogas for Tighter LNG Cooperation

Russian oil and gas company Gazprom Neft has announced that a working meeting has been held between Alexey Miller, Chairman of the Gazprom Management Committee, and Hee-Bong Chae, President and Chief Executive of KOGAS.The meeting participants reviewed the state and prospects of cooperation between the companies, highlighting the stability of LNG supplies under the contract between Sakhalin Energy Investment Company Ltd. and KOGAS.The parties expressed interest in further expanding their cooperation in the area of LNG and continuing their sci-tech collaboration.KOGAS (Republic of Korea) is focused on the construction and operation of LNG receiving terminals and gas distribution networks…

09 Jun 2019

Europe Invests in African Renewable Energy

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market," said a statement.The renewAfrica launch event was hosted by RES4Africa and reflects the need for a strong joint effort…

14 May 2019

Global Energy Investment Totals $1.8trln in 2018

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States, where it was boosted by higher spending in upstream supply, particularly shale, but also electricity networks.

27 Mar 2019

Arctic (& Wind) Operations: Hands Across the Water

Renderings of the proposed Aeolus wind support fleet

As the North American offshore wind model evolves, it is clear that fit-for-purpose, Jones Act compliant and Arctic ready tonnage will need to be part of the equation. If so, we’ve got that box checked, with a little help from Europe.As of September 2018, the Walney Extension off the United Kingdom is the largest offshore wind farm in the world at 659 megawatts. There are at least 70 major wind farms, each with hundreds of wind turbines, each generating as much as 10 megawatts in offshore England, the North Sea, Russia and China.

27 Mar 2019

EDF Enters Chinese Offshore Wind Market

French energy company EDF has signed an agreement with the Chinese utility China Energy Investment Corporation (CEI) to jointly deliver two offshore wind power projects in China.The Dongtai IV and V offshore wind farms account for a total installed capacity of 500 MW and will be the EDF Group’s first offshore projects in China.The cooperation agreement signed with China Energy Investment, a leading industrial player on China’s electricity market, concerns EDF’s acquisition of a stake in the Dongtai IV and V offshore wind projects, located off the coast of Jiangsu Province north of Shanghai.The Dongtain IV projet is currently being built; the construction of Dongtai V is scheduled to begin in 2019.

23 Jan 2019

Gazprom, Mitsui Discuss LNG Cooperation

Japanese trading house and liquefied natural gas market participant Mitsui has held talks with Russia’s giant Gazprom on cooperation in liquefied natural gas (LNG) projects.A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Masami Iijima, Chairman of the Board of Directors of Mitsui & Co., Ltd., took place in Moscow.They discussed about the progress made in two Russian plans to expand LNG output, on the existing Sakhalin Island plant in the Far East and at a planned facility west of Saint Petersburg."The parties discussed current issues related to bilateral collaboration, including the Sakhalin II project…

12 Sep 2018

Gazprom, Mitsui Sign MOU on Baltic LNG Project

Russian energy giant Gazprom and Japanese Mitsui & Co. Ltd. have signed a memorandum of understanding at the Eastern Economic Forum on the liquefied natural gas plant project Baltic LNG.The memorandum was signed after the meeting between Gazprom CEO Alexey Miller and Mitsui Chairman of the Board of Directors Masami Iijima.The parties discussed the ongoing cooperation on the Sakhalin II project and the prospects for collaboration between the companies. In particular, the meeting addressed the construction of the third train of the Sakhalin II LNG plant.Alexey Miller and Masami Iijima also considered the avenues for cooperation in the area of small- and mid-scale LNG in the Far East.Japan’s Mitsui & Co., Ltd.

19 Mar 2018

Sovcomflot Better, Despite Challenging Year

PAO Sovcomflot (SCF Group), one of the world leaders in energy shipping and marine services to offshore oil and gas upstream projects, said that its gross revenue for the full year to 31 December 2017 grew by 3.4% to $1.43 billion. According to the statement, 2017 proved to be one of the worst years for the conventional tanker market in the last quarter of a century, with similar conditions experienced to those seen in 2011 and 1992. Conventional tanker freight rates fell by almost 50 per cent year-on-year, reflecting an oversupply of speculative orders following the 2015 market spike, as well as the effect of sustained production cuts by OPEC and other oil producing nations and a backwardation in the oil trade.