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(CNN) The Biden administration issued long-awaited preliminary guidance Friday on its expansive clean hydrogen tax credit, tilted in favor of hydrogen produced from clean electricity. The hydrogen tax credit is one of the most generous subsidies contained in the Inflation Reduction Act — giving companies up to $3 for every kilogram of hydrogen produced. Along with other... Continue Reading →
(OE) Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024. 1. A Continuously Dynamic Energy... Continue Reading →
(Reuters) - Nearly all European Union countries and around 300 companies and industry groups agreed on Tuesday to move ahead with plans to rapidly expand wind farms and the local industries needed to build them. The European Commission announced plans in October to support Europe's wind energy industry, which will need to massively expand capacity to hit... Continue Reading →
(OW) The three consortia that Japan’s Ministry of Economy, Trade, and Industry (METI) selected in the country’s second round of offshore wind auctions will use some of the biggest and most powerful wind turbines on/coming to the market – Vestas V236-15 MW and GE’s 18 MW Haliade-X. RWE, which secured a site together with partners... Continue Reading →
(OET) Uruguay’s state-owned energy company ANCAP has tucked a new milestone under its belt with the signing of contracts for four offshore blocks with three oil and gas players in line with the framework of the Open Uruguay Round that has been in force since 2019. As a result, the UK-headquartered Shell, the U.S.-based APA Corporation, and... Continue Reading →
(Reuters) - Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin reducing global consumption of fossil fuels to avert the worst of climate change, a first of its kind deal signaling the eventual end of the oil age. The deal struck in Dubai after two weeks of hard-fought negotiations... Continue Reading →
The sixth-generation semi-submersible rig, Hunter Queen, which has belonged to PRIO since July 2022, completed its first operation this month in the Frade field, in the Campos Basin. The rig has the capacity to drill in water depths of up to 3,000 meters and wells of up to 10,000 meters, and is also capable of... Continue Reading →
(OET) Yinson Production, an offshore production business arm of Malaysia’s Yinson Holdings, has made a move to slash its carbon footprint by making a strategic investment in Ionada, in recognition of the potential the firm’s carbon capture technology holds as a tool to decarbonize FPSO operations and lead to emissions reduction in the hard-to-abate industries.... Continue Reading →
(Reuters) Oil major Chevron Corp said on Wednesday that it expects to spend between $18.5 billion and $19.5 billion next year on new oil and gas projects, an 11% increase on this year. Its 2024 budget and that of rival ExxonMobil reflect the industry's continuing rebound after pandemic-influenced pullbacks, recent acquisitions and carbon reduction initiatives. Exxon plans... Continue Reading →
(OW) Avangrid and Copenhagen Infrastructure Partners (CIP) have installed the first five GE Haliade-X turbines at the Vineyard Wind offshore wind project and are preparing to deliver first power from their wind farm to the electric grid in Massachusetts, the US. Once energized in the coming weeks, Vineyard Wind 1, the first large-scale offshore wind... Continue Reading →
Brazil Energy Insight 