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(Offshore) Wood Mackenzie’s Global Upstream Outlook 2022 predicts a 9% increase in investments next year to more than $400 billion. The consultants expect more than 40 projects with resources of more than 50 MMboe to be sanctioned, with low-breakeven, low-carbon deepwater projects dominating greenfield final investment decisions. Fraser McKay, vice president upstream research, said: “Companies will allocate... Continue Reading →
Energy intelligence provider Wood Mackenzie, a Verisk business, believes that the oil and gas sector will continue to rebound in 2022, but the positive outlook will be tempered by concerns about its future. In its Global Upstream Outlook 2022, Wood Mackenzie points out the upstream industry must respond to the implications of the pledges made at COP26 and... Continue Reading →
(ON) Organizations such as the Paris-based International Energy Agency (IEA) have recommended that there be no new petroleum exploration projects if the world is to avoid more catastrophic effects of climate change. But another report by two recognized organizations is advising that countries take a cautious approach in this respect, or they could face damaging... Continue Reading →
After being very much on the margins of the offshore wind industry, floating offshore wind now appears to be ready to hit the mainstream. With gigawatt scale developments already on the horizon, what will the infrastructure needed to build and support them look like? (OE) Over the past 12 months, the floating offshore wind sector... Continue Reading →
Aberdeen-based offshore drilling contractor Stena Drilling has revealed an agreement with South Korea’s Samsung Heavy Industries related to an option to buy a newbuild drillship. Stena Drilling informed on Tuesday it had entered into a purchase option agreement with Samsung Heavy Industries for a drillship, giving Stena “the possibility to offer the market a state of... Continue Reading →
Offshore wind turbine maker Siemens Gamesa Renewable Energy has signed a collaboration agreement with Strohm, a company specializing in Thermoplastic Composite Pipe (TCP) construction. The duo said Tuesday it planned to develop hydrogen transfer solutions that improve the decentralized green hydrogen concept, where green hydrogen is generated in each wind turbine generator and transported to shore... Continue Reading →
(Reuters) - Top energy executives this week urged a more cautious transition of energy policy away from oil and gas, but a U.S. Energy Department official said the industry has a moral obligation to address climate change and the economic opportunity it represents. Executives from Saudi Aramco, Exxon Mobil and Chevron, speaking at the World... Continue Reading →
Singapore state investor Temasek is working with its portfolio companies to help them become more green as advancing sustainability goals becomes the new normal, the firm's chief sustainability officer said on Thursday. Temasek, with a portfolio valued at S$381 billion ($278.81 billion) as of March, has committed more than S$2 billion this year to the... Continue Reading →
U.S. oil major Chevron Corporation has revealed its 2022 organic capital and exploratory spending programme of $15 billion, at the low end of its $15 to $17 billion guidance range and up more than 20 per cent from 2021 expected levels. The company also expects to increase its share buyback programme. As explained by Chevron on Monday, this capital programme... Continue Reading →
U.S. energy major ExxonMobil has finalized its corporate plans, which increase spending to $15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its portfolio. Exxon has also increased its annual dividend payment for the 39th consecutive year. As explained by ExxonMobil on Wednesday, the plans support... Continue Reading →
