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Wave energy converter developer Bombora Wave Power (Bombora) has completed tank testing of a floating foundation system suitable for the InSPIRE solution, where Bombora's mWave technology is combined with a wind turbine onto a single floating offshore platform. An adapted version of the semi-submersible INSPIRE platform, developed in partnership with TechnipFMC, underwent tank testing evaluations... Continue Reading →
Sweden-based Skanska, one of the country's largest construction firms, has signed a contract with the Virginia Port Authority to rebuild 72 acres of the Portsmouth Marine Terminal in Portsmouth, Virginia, USA. The project will redevelop approximately 72 acres of the 287-acre Portsmouth Marine Terminal for use as an offshore wind staging port which will improve... Continue Reading →
(OE) While floating wind farms are seen as the next big thing in the renewable energy industry as they can be installed further from shore where the winds are stronger, oceanographers from the UK's Bangor University are calling for new research to be done into the environmental impact of turbulence caused by tidal flow past... Continue Reading →
The U.S. recently came up with the Inflation Reduction Act, which is expected to boost domestic energy security by opening the door to more federal onshore and offshore lease sales while also promoting low-carbon and renewable energy developments. However, Norway’s energy intelligence group Rystad Energy believes that there is no respite on the horizon for energy... Continue Reading →
State oil giant Saudi Aramco on Sunday reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins. Aramco joins oil majors such as Exxon Mobil Corp and BP that have reported strong or record-breaking results in recent weeks after Western sanctions against major exporter Russia squeezed an already under-supplied global market... Continue Reading →
Oil major Shell has made a gas discovery in ultra-deep waters in the southern Colombian Caribbean, its partner, Colombia-based oil company Ecopetrol, said. The Gorgon-2 well is located 70 kilometers off the coast and was drilled at a water depth of around 2,400 meters, making it the deepest well drilled in Colombian waters. "The drilling of... Continue Reading →
(Reuters) - Argentina is planning to give tax and customs benefits to oil companies so they can boost production, the country's new economy "superminister" said on Thursday. The move comes as the country seeks to turbo-charge investments in the Vaca Muerta shale formation, the world's fourth-largest shale oil reserve and the second-largest for shale gas.... Continue Reading →
(Reuters) - Singaporean conglomerate Keppel Corp (KPLM.SI) said on Friday it would spend 305 million euros ($314.7 million) along with a unit for a 50.01% stake in a special purpose vehicle (SPV) that owns 50% of Borkum Riffgrund 2, an offshore wind farm in Germany. The deal comes as companies race to increase their exposure to renewable... Continue Reading →
(OEM) The American Petroleum Institute (API), a trade association representing the oil and gas industry, believes ramping up domestic production and turning to U.S.-made energy is the answer to the global supply and demand imbalance hitting Americans at the pump and impacting the broader economy. The American Petroleum Institute claims that energy demand is outstripping supply... Continue Reading →
No longer in its infancy, offshore wind is a proven technology on course to play a key role in the decarbonisation of the global economy. Over the next decade, the industry will attract almost US$1 trillion in new investment. A growing number of competitors are flocking to take advantage of the massive opportunities that will... Continue Reading →
Brazil Energy Insight 