Energy Sector News

11 Mar 2019

US to Lead Oil Supply Growth to 2024

Dr Fatih Birol (center) and IEA Oil Analyst Toril Bosoni (right) present the findings from Oil 2019 in Houston at CERA Week on 11 March 2019 (Photograph: Getty Images)

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019.

07 Mar 2019

World Bank Targets Offshore Wind Markets

Image: Orsted

The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.The World Bank and  International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers, said a release from the  international financial institution.The offshore wind industry has grown nearly five-fold since 2011…

05 Mar 2019

East Anglia Expecting $77 Bln in Offshore Projects

Image: Nautilus Associates

Based on the latest forecasts, engery-sector specialists Nautilus Associates claim more than £59 billion ($77 billion) could be invested in new offshore energy and infrastructure projects between now and 2040 in the Lowestoft and Great Yarmouth Enterprise Zones.Johnathan Reynolds, director at Nautilus Associates, said, “We are seeing huge new investments in new offshore wind projects off the East Anglian coast, with an annual operational spend close to £1.3 billion per year by 2025.

01 Mar 2019

MDL Bags West Africa SURF Project

Image: Maritime Developments Ltd

UK-based Maritime Developments Ltd (MDL), which designs, manufactures, and delivers machines to energy sector, said that it  has secured a flexible installation project offshore Ghana.The work scope covers an installation of a flowline using MDL Third-generation Reel Drive System, operated by the expert MDL Offshore Service team.The equipment was loaded out in components from MDL’s Peterhead, Scotland facility for road transportation to Cadiz, Spain to meet the Client’s installation vessel.

19 Feb 2019

Nakilat, McDermott Form Fabrication JV

Image: Nakilat

Qatar's Nakilat and McDermott are establishing a 60:40 joint-venture (JV) company that provides offshore and onshore fabrication services in Qatar."The strategic partnership aims at increasing productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard and developing local construction capabilities to support the increasing demand for the construction of offshore and onshore structures in Qatar," said the Qatari marine company providing the essential transportation…

25 Jan 2019

Rebuilding Confidence in Reactivated DP Assets

© bomboman/AdobeStock

The offshore energy sector, like any industry, is constantly subject to market cycles. Challenging conditions may lower demand, resulting in a significant number of resources such as offshore support vessels (OSVs) and drillships being deactivated for potentially extended periods. Over time, however, cycles reverse and demand increases for these same assets.Operators reduced expenditures on offshore exploration and production activities, with a subsequent lower demand for these offshore assets, many of which were ultimately deactivated and laid-up (or “stacked”) for extended periods.

10 Jan 2019

Shell Acquires 26% Stake in Hazira LNG

File Image: Hazira LNG and Port

Royal Dutch Shell announced that it has completed the acquisition of French oil major Total SA's 26 percent stake in the company that operates 5 million tonnes per annum-Hazira LNG terminal in Gujarat, India."Shell Gas, a subsidiary of Royal Dutch Shell plc, acquired 26% equity interest in the Hazira LNG and  Port Ventures from French energy major Total Gaz Electricité Holdings, to complete the acquisition," said a press statement.The move allows Shell to build an integrated gas value chain: supply from its global LNG portfolio…

06 Jan 2019

Moody's Says Global Oil and Gas Heads into 2019 on Steady Footing

Pic: OPEC

The global Oil and natural gas prices will be volatile, but also range-bound in 2019, Moody's Investors Service says in its annual report outlining key credit themes in oil and gas for the year ahead.While the recent announcement that OPEC and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether OPEC and Russia will maintain their production discipline and what might happen in June, when the current agreement expires.Moody's expects the medium-term price band for West Texas Intermediate (WTI) crude…

02 Jan 2019

First Shore-to-Ship Cold Ironing Connection In Eastern Med

Photo: Lloyd's Register

Eastern Mediterranean achieved reduced environmental footprint at the port of Killini, which on December 20th, 2018 held an inauguration event of the first pilot shore installation for the electrification of ships with an overwhelming ceremony that shed light to the endeavor that was accomplished by the EU co-funded Action ‘elemed’ and the shipping company Levante Ferries, who experienced the plug in of its passenger ro-ro ferry Fior Di Levante to the new electrification position on shore.The event was opened by Mr Nabil-Iosif Morant…

19 Dec 2018

Engie, EDPR, Sumitomo Pact to Build French Offshore Wind Farms

Image: EDP Renewables

French utility Engie and Spanish partner EDP Renovaveis (EDPR) announced their alliance with the Japanese group Sumitomo Corporation to build the French offshore wind farms of Dieppe-Le Tréport and Yeu-Noirmoutier.As part of the alliance, Sumitomo Corporation acquires a 29.5% equity stake in the French offshore projects (Dieppe Le Tréport and Yeu Noirmoutier) and will bring to the consortium its proven and complementary offshore wind expertise in terms of development, construction…

16 Dec 2018

Qatar to Invest USD 20 bln in US Energy Sector

Saad al-Kaabi, President & CEO. Photo: Saad Sherida Al-Kaabi

Peninsular Arab country Qatar has said that it plans to invest more than $20 billion in the US energy sector over the next five years.According to a report in Reuters, minister of state for energy affairs of the energy-rich Qatar Saad Sherida Al-Kaabi, who is also the  President & CEO of Qatar Petroleum, said he is looking to invest in US oil and gas sectors as well as unconventional resources.The report quoted Saad as saying: “North of USD20 billion will be invested over the…

14 Dec 2018

Christophe de Margerie Loads First Cargo from Third Train Yamal LNG

Ice-breaking LNG carrier Christophe de Margerie. Photo: Sovcomflot

The Arctic LNG carrier Christophe de Margerie, owned and operated by Sovcomflot, loaded the first batch of liquefied natural gas (LNG) produced at the third train of Yamal LNG plant, at the Port of Sabetta on the Yamal Peninsula.Dmitry Medvedev, the Russian Prime Minister, initiated the start of cargo operations via a video conference with the vessel’s Master Sergey Zybko.Dmitry Medvedev congratulated Yamal LNG on reaching full production capacity and noted:“This is a significant milestone for the entire Russian gas industry and…

28 Nov 2018

MHI Vestas Hires US Offshore Vet

Photo: MHI Vestas Offshore Wind

MHI Vestas Offshore Wind (MVOW), a joint venture of Mitsubishi Heavy Industries and Vestas Wind Systems, has announced the appointment of Jason Folsom, the US offshore wind veteran.Folsom, a respected offshore wind expert with extensive new market entry experience and a passion for offshore wind in the United States, becomes the company’s first official hire in the US market.On joining MHI Vestas, Folsom said, “I have been watching with great interest how MHI Vestas has approached the US market. I feel the company has been very strategic in their approach to the market.

21 Nov 2018

Cepsa Appoints Musabbeh Al Kaabi as Chairman

Musabbeh Al Kaabi. Photo: Cepsa

Spanish multinational oil and gas company Cepsa announced that Musabbeh Al Kaabi was named as Chairman in succession to Suhail Al Mazrouei at a meeting of the Board of Cepsa.This follows the appointment by Mubadala, as sole shareholder, of Saeed Al Mazrouei, Ahmed Saeed Al Calily and Bakheet Al Katheeri as members of the Board for a statutory period of four years.The three new board members, all senior executives of the Mubadala group, have distinguished backgrounds and broad experience and knowledge of the energy sector.Musabbeh Al Kaabi…

06 Nov 2018

NKT Confirms Moray East Offshore Contract

Image: Moray Offshore Renewable Power

Global energy sector supplier NKT has confirmed turnkey order for Moray East offshore wind farm project."NKT has signed a Preferred Bidder Agreement (PBA) for delivery and installation of export cable systems to the prospective offshore wind farm project Moray East," said a press release from the company.NKT and the project developer, MOWEL, Moray East Offshore Windfarm Ltd, owned by EDP Renováveis S.A., ENGIE and Diamond Generating Europe Ltd., have signed the final binding agreement on the project.

02 Nov 2018

3T Energy Group Buys Offshore Training Firm Survivex

Image: Survivex

Technology and training organization 3T Energy Group has acquired Aberdeen-based Survivex, an offshore oil and gas training specialist.Global technology and training organisation said in a press release that it has become the UK’s largest energy sector training provider after acquiring Survivex."This acquisition strengthens 3T Energy Group’s global offering and is part of its strategy to transform the training sector with technology to enable people and companies to work safer…

01 Nov 2018

Tidal Developer Collaboration to Tackle Foundation Mooring

SME AROV subsea during rock anchor install at EMEC (Credit SME)

CorPower and Sustainable Marine Energy join forces for a wave and tidal developer collaboration to develop and demonstrate generic foundation mooring solution to reduce cost and improve O&M methods.The 35-month UMACK (Universal Mooring, Anchor & Connectivity Kit Demonstration) project will address ocean energy affordability, survivability, reliability and installation through the demonstration of a generic anchor-foundation-mooring-connectivity system which aims to reduce capital…

31 Oct 2018

European Consortium to Convert Coal-Fired Power Plant to Biomass

Photo: Engie/Port of Rotterdam

The European ARBAHEAT consortium will start a research project to investigate the conversion of the ENGIE Ultra-SuperCritical coal-fired Rotterdam power plant into a biomass-fired heat and power plant this month.The innovative technology used to produce the required steam treated biomass has been developed by the Norwegian company Arbaflame AS.Goal of this showcase is to investigate the technical possibilities of cost-effectively converting the coal-fired power plant into a flexible 100% sustainable biomass fired plant…

25 Oct 2018

Shell Joins the Global Wind Energy Council

Pic: Global Wind Energy Council

British-Dutch oil and gas company Shell has joined the Global Wind Energy Council as a board level member as part of its 'new energies strategy' that includes expansion of wind business.Ben Backwell, CEO of the Global Wind Energy Council, says: “We are delighted to have Shell join GWEC’s board. Shell’s experience across energy markets in many geographies and deep knowledge of technology development and engineering will bring a valuable new perspective to our work in accelerating the growth of the wind industry across the world.”Dorine Bosman…

24 Oct 2018

Peel Ports Signs 12-year Deal with Asco

Photo: Peel Ports Group

Peel Ports and offshore services firm ASCO have joined forces in a long-term strategic partnership aimed at supporting the energy sector in Great Yarmouth and promoting future sustainability for the port.By working in collaboration, the two organisations will support existing customers and attract new ones to the port by offering increased flexibility to meet the demands of the oil and gas, renewable energy and decommissioning sectors operating out of Great Yarmouth.The 12-year…

23 Oct 2018

Technology Centre Mongstad Sign MoU with DNV GL for CO2 Capture Technology

Liv A. Hovem, CEO, DNV GL – Oil & Gas. Pic: DNV GL

The world’s largest testing facility for carbon capture, Technology Centre Mongstad (TCM), has signed a collaborative agreement with DNV GL to deliver advisory and verification services for CO2 capture technology.According to a press release from the quality assurance and risk management company, the new global advisory partnership will offer advisory and verification services at TCM`s facilities on the west coast of Norway and other worldwide carbon capture projects.Carbon capture…

30 Sep 2018

Indian PM Inaugurates Mundra LNG Terminal In Gujarat

Prime Minister Narendra Modi inaugurates Mundra LNG Terminal & Anjar. Photo by Press Press Information Bureau, Government of India

Indian Prime Minister Narendra Modi has inaugurated the Mundra LNG terminal that has been developed in keeping with his emphasis on clean energy.He said that the inauguration of the LNG terminal is the highlight of today's programme. I am fortunate to have inaugurated three LNG terminals, he added.Narendra Modi said that when Gujarat got its first LNG terminal, people were surprised. Now, the State is poised to make a fourth LNG terminal, he added.Gujarat is emerging as an LNG hub of India, the Prime Minister said, adding that this should make every Gujarati proud.

08 Oct 2018

Gulf Island Shipyards Sues Hornbeck Offshore

Image: Hornbeck Offshore

Gulf Island Shipyards (GIS) has sued Hornbeck Offshore over what it says is the wrongful termination of two shipyard construction contracts for the final two vessels in the company's fifth offshore support vessel (OSV) newbuild program earlier this year.Hornbeck, supplier of offshore transport services, including supply vessels, tankers and barges, primarily to support offshore, said in an SEC filing: "During the first quarter of 2018, the company terminated the two contracts because of GIS’s performance issues.

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