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(OE) The fossil fuel price crisis has accelerated the competitiveness of renewable power, according to the International Renewable Energy Agency (IRENA). Around 86% (187GW) of all the newly commissioned renewable capacity in 2022 had lower costs than fossil fuel-fired electricity. IRENA’s report Renewable Power Generation Costs in 2022 indicates that new capacity added since 2000... Continue Reading →
(Reuters) - Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp (XOM.N) said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius. The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related... Continue Reading →
(Reuters) The U.S. Gulf Coast region, the nation's primary offshore source of oil and gas, has cheap electricity and lacks state mandates for renewable energy procurement, making it an unlikely place to expand one of the most expensive forms of clean energy. That is why players in the nascent U.S. offshore wind industry are looking... Continue Reading →
(OE) State-backed export credit agency Export Finance Norway (Eksfin) has provided loan guarantee financing to Spanish energy company Iberdrola, a transaction that supports Norwegian exporters’ participation in the East Anglia Three wind park project in the UK. Through the transaction, Eksfin has provided guarantee financing for the first time to a Spanish energy company and... Continue Reading →
(Reuters) Global oil major BP said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions.Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost... Continue Reading →
(PN) China National Offshore Oil Corporation (CNOOC) signed an agreement for two research projects on renewable energies offshore, with funding of R$ 16 million. With a duration of three years, the research will have the participation of more than thirty people, from four different Coppe laboratories, who will work in several areas, including hydrodynamics, aerodynamics,... Continue Reading →
(OM) Mexico’s regulator has approved the unitized development plan for the offshore Zama oil field, according to partner Harbour Energy. The Pemex-led joint venture is now preparing to start the FEED and reassess cost estimates ahead of a potential final investment decision in 2024. Earlier this year Harbour participated in the Wintershall Dea-operated Kan-1 exploration... Continue Reading →
(OE) Petrobras CEO Jean Paul Prates participated in the CEO Oil and Gas Governors Meeting in Geneva this week and highlighted that it is crucial to raise people's awareness of the essential contribution of oil to the economy. The event was coordinated by the World Economic Forum, and the meeting addressed two main themes: energy... Continue Reading →
Morgan Stanley's infrastructure investment arm is teaming up with U.S. maritime, energy and logistics solutions company Crowley to advance offshore wind energy solutions for the United States. Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within Morgan Stanley Investment Management (MSIM), will hold a majority stake in Crowley Wind... Continue Reading →
Eric Haun, Editor Marine News (OE) It’s a big deal when a U.S. president visits an American shipyard, and these trips always send a message. When President Obama spoke at HII’s Newport News Shipbuilding in 2013, he warned of the consequences of sequestration. President Trump’s 2020 speech at Fincantieri Marinette Marine touted a $5.5 billion naval... Continue Reading →
Brazil Energy Insight 