TotalEnergies draws attention to slow energy transition progress, urging developed economies to support Global South’s transformation – Long read

(OET) France’s energy giant TotalEnergies has published its new annual energy outlook, presenting scenarios for the evolution of demand and the global energy system to contribute to the energy transition’s debate in the run-up to COP28. While the decarbonization engine is not running smoothly and needs to be tweaked to reach full speed, the oil... Continue Reading →

November 14, 2023 0

First of a Kind Offshore Renewable Energy Hybrid Project Unveiled in China

(OE) The world's first offshore renewable energy project, combining floating wind power and deep-sea aquaculture, has been completed in China, Shanghai Electric Wind Power Group has informed. The project is developed by Longyuan Power Group, together with Shanghai Electric Wind Power Group (Wind Power Group), a subsidiary of Shanghai Electric, which provides the power generation... Continue Reading →

November 3, 2023 0

Light Structures to Provide Hull Monitoring Systems for Two Brazil-bound FPSOs

(OE) Light Structures, a supplier of fiber optic condition monitoring systems based on Fiber Bragg Grating (FBG) technology, has secured two contracts with China's YANTAI CIMC Raffles Offshore. Under the contracts, Light Structures will deliver SENSFIB hull stress monitoring systems for two Petrobras-commissioned Floating Production Storage & Offloading (FPSO) units. "Representing the most extensive SENSFIB... Continue Reading →

November 3, 2023 0

PetroChina posts record $6.3 bln quarterly income on higher output, fuel sales

(Reuters) - Asia's largest oil and gas producer PetroChina Co Ltd reported 21% year-on-year growth in third-quarter net profit that hit a record high, as increased production and improving domestic fuel demand offset lower realised oil and gas prices. Net profit rose to 46.38 billion yuan ($6.3 billion), while revenue fell 4.6% to 802 billion... Continue Reading →

October 30, 2023 0

Suriname Proposes Exchange of $675M Bonds for Oil-linked Debt

(Reuters) Suriname offered late Monday to exchange $675 million of dollar bonds for new notes, the next step in negotiations after reaching a deal with its bondholders in May. The government offered holders of debt due in 2023 and 2026 to swap their notes for a new 10-year bond due July 15, 2033, with an annual interest rate... Continue Reading →

October 25, 2023 0

China CNOOC’s Q3 profit down 8% on yr, revises up capex to record

(Reuters) - Chinese national offshore oil and gas major CNOOC Ltd (0883.HK), on Tuesday revised up its 2023 capital spending to a record on building new production capacities, after reporting an 8.13% fall in third-quarter profit on lower realised oil prices. Despite higher oil and gas output, net profit during July-September period fell to 33.88 billion... Continue Reading →

October 24, 2023 0

22 MW Offshore Wind Turbine in the Works for 2024/25

Chinese wind turbine manufacturer MingYang Smart Energy has unveiled a new offshore wind turbine model with a rated capacity of 22 MW – the MySE 22MW. The MySE 22MW model would be the most powerful wind turbine in the world and would feature a 310+ metre rotor. Equipped with carbon-fibre blades, the turbine would be... Continue Reading →

October 23, 2023 0

Norwegian firm TMC to deliver compressors for SBM Offshore’s new FPSO

(OET) China Merchant Heavy Industries (CMHI) has contracted Norway-headquartered TMC Compressors to deliver the completed marine compressed air system for a newbuild FPSO the Chinese yard is constructing for Dutch FPSO operator SBM Offshore. Under the contract whose value remains undisclosed, TMC will provide a large-capacity marine compressed air system, including compressors for control and... Continue Reading →

October 19, 2023 0

Eni Eyes FID on Second FLNG Project in Mozambique in 2024

(Reuters) Italy's Eni hopes to reach a final investment decision on its second floating liquefied natural gas (LNG) project in Mozambique by the end of June next year, two sources directly involved with the project said on Tuesday. Its first LNG project - called Coral Sul - made the impoverished African country a global producer... Continue Reading →

October 11, 2023 0

Floating offshore wind planning gaining momentum

(OM) RenewableUK says the total number of floating offshore wind projects has increased over the past year from 230 to 285. The association’s latest EnergyPulse Insights report also found that 227 MW of floating offshore wind are fully operational across 14 projects in seven countries. Norway leads with 94 MW across three projects, followed by... Continue Reading →

October 6, 2023 0