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(OM) Offshore exploration and production capex shook off the COVID-19 pandemic-induced declines of the past two years to rebound by 21% in 2022, reaching a total $165 billion spent on exploration, wells and facilities. This is slightly less than half the all-time high for offshore E&P investment of $332 billion, set in 2014 at a... Continue Reading →
(Reuters) - Guyana's government is forecasting the nascent oil producer's economy, which has recently been among the world's fastest-growing, will expand by at least 25% per year in the next three to four years, Finance Minister Ashni Singh said on Thursday. Since oil production was inaugurated in 2019 by a consortium led by U.S. major... Continue Reading →
(Reuters) - At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come. After a dearth of plant approvals last decade, developers have secured dozens... Continue Reading →
A new giant of the seas will soon come into operation. The FPSO Almirante Barroso left this week from the BrasFELS shipyard heading for the Buzios field, in the Santos Basin pre-salt. The FPSO has been at the shipyard since October last year for commissioning activities and final acceptance tests. The vessel was converted in... Continue Reading →
(Reuters) BP is set to hire over 100 employees to its offshore wind division as the energy company rapidly expands its operations in the fast-growing sector around the world. The hiring process will begin in the coming weeks, as part of BP's ambition to double the size of the offshore team to 800 employees over... Continue Reading →
The National Petroleum Agency (ANP) recently approved the sale of Petrobras' stake in the Capixaba Norte Cluster to Seacrest Petróleo. As a reminder, the transaction was announced in February 2022, for a total of US$ 544 million. The Capixaba Norte Cluster comprises four onshore fields: Cancã, Fazenda Alegre, Fazenda São Rafael and Fazenda Santa Luzia.... Continue Reading →
(OED) Siemens Gamesa and the Japanese shipping and logistics company NYK have signed a time charter contract for a crew transfer vessel (CTV) that will be used at an offshore wind farm in Japan. The CTV will be owned by NYK and managed by Hokkaido-based Hokuyo Kaiun Co., Ltd., an NYK Group company. The vessel... Continue Reading →
(TXF) Delays and project cost overruns from the pandemic have meant lenders and sponsors of the Yunlin offshore wind farm in Taiwan are scrambling to remedy the project’s financial woes. ECAs may push out the tenor envelope to ease the pressure - but concrete solutions are yet to be realized. The fledgling Taiwanese offshore wind... Continue Reading →
(OE) TotalEnergies and Corio Generation have signed a joint venture partnership to develop the Formosa 3 offshore wind farms in Taiwan. Corio will remain the majority shareholder and lead developer with 50% plus 10 shares overall in project. The announcement comes after Taiwan’s Bureau of Energy confirmed in late December 2022 that Formosa 3’s Haiding... Continue Reading →
(Reuters) - Vietnam may not have a legal framework to regulate offshore wind farms until next year, a European Union business representative said on Thursday, a delay that could stall billions of dollars of foreign investment in the sector. Vietnam has big offshore wind power potential given the strong winds and shallow waters near coastal... Continue Reading →
Brazil Energy Insight 