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(OE) Oil and gas exploration is likely to continue to have an important role in the decades to come, a view reinforced by the 2022 energy crisis and growing energy security needs, according to energy intelligence group Westwood. In the offshore drilling space, Westwood says that the year 2022 has seen a continued increase in... Continue Reading →
(Reuters) - Commonwealth Wind said late Monday it will move forward with a submitted but not yet approved power purchase agreement with Massachusetts electric companies and its 1,232-megawatt offshore wind project. Commonwealth made its announcement after the Massachusetts Department of Public Utilities (DPU) denied in early November Commonwealth's motion to suspend its agreement. That motion... Continue Reading →
The availability of emission-lowering upgrades for offshore rigs has been on the rise, but adoption of these new technologies is slow outside of Norway and the US Gulf of Mexico due to limited regulatory and financial incentives, energy intelligence group Westwood has found. According to Westwood the biggest users of rigs fitted with emission reduction... Continue Reading →
Norway's Kongsberg Maritime has secured a NOK 300 million ($30,2 million) contract with Pelagic Wind Services to supply advanced vessel design and equipment for two new CSOVs to be built at Cochin Shipyard in India. The CSOVs will be built to Kongsberg Maritime’s UT 5519 HL design, which, according to Kongsberg, has been upgraded to... Continue Reading →
(OE) The results of fortunes and failures are often described as a “perfect storm”. The COVID pandemic, domestic inflation, labor issues and current geopolitical events have brought that description to a peak. A promise of a “new normal” emerged post pandemic, with a vision of alternative energy, alternative fuels and alternative supply chain logistics to... Continue Reading →
U.S. oil company ConocoPhillips and China's CNOOC have recently announced the start of the Penglai offshore wind farm pilot project, aimed at harnessing wind power to supply power to the Penglai oil field. This is China’s largest offshore oil and gas production base under production sharing contract, located in Bohai Bay, Northeast China. Bill Arnold,... Continue Reading →
(OEM) With COP27 in full swing, governments have set out an action plan to make clean technologies cheaper and more accessible in a bid to scale up decarbonisation efforts, says the International Renewable Energy Agency (IRENA). This builds on the progress made since COP26 and the intergovernmental organisation anticipates that investments in wind and solar projects... Continue Reading →
(Reuters) - German energy company RWE (RWEG.DE) on Thursday said it had won the right to build an offshore wind farm with a capacity of 700 megawatt (MW) in the Dutch part of the North Sea. The wind farm will be built by a Dutch subsidiary of RWE that will get no subsidies on the energy produced.... Continue Reading →
(Reuters) - Portugal expects to become a major producer and exporter of green hydrogen with 70 private investors or groups planning to spend 10 billion euros ($10.2 billion), the environment minister said on Thursday. So-called green hydrogen, produced using renewable electricity, is seen as a key power source that can reduce pollution from long-haul heavy transport,... Continue Reading →
Wilson Sons posted a net profit of R$ 67 million (US$ 13 million) in the third quarter of this year (3Q22), 92% above the 2021 comparative (3Q21). In the first nine months of 2022 (9M22), the company's profit after tax was R$ 226 million (US$ 44 million), up 24% compared to the same period last year... Continue Reading →
Brazil Energy Insight 