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Ørsted and Eversource have taken the final investment decision (FID) on the South Fork Wind project that will be New York’s first offshore wind farm. The FID comes after the South Fork Wind joint venture, owned 50/50 by Ørsted and Eversource, last month received final approval from the Bureau of Ocean Energy Management (BOEM) for its construction... Continue Reading →
SBM Offshore has issued a progress report on various FPSO construction programs in its latest results statement. The third stage flash gas compressor on the Liza Destiny, which operates on the Liza field offshore Guyana, remains stable and continues to operate. Engineering is in progress on a re-designed flash gas compressor, which should be installed around mid-year.... Continue Reading →
(Reuters) - Italy's Saipem does not face a liquidity crunch for now and should meet an April bond repayment deadline, ratingsagency S&P said, as it races to come up with a rescue plan. The energy services group shocked investors last week when it warned it would report a 2021 loss of over one-third of its... Continue Reading →
(Reuters) - TotalEnergies (TTEF.PA) swung back to profit in 2021 thanks to surging oil and gas prices, and announced on Thursday a $2 billion share buyback scheme, an increase in dividends and a series of investments. With net income of $16 billion and adjusted net income of $18.1 billion, the French oil major's results were at their... Continue Reading →
Petrobras posted an excellent operational performance in 2021, reaching all production targets for the year with the achievement of the following marks: The highlights for 2021 were: FPSO Carioca production start-up, on August 23, the first platform in Sépia field, in Santos Basin pre-salt. Throughout the year, 3 new producing wells were connected and currently... Continue Reading →
(Reuters) - BP said on Tuesday it was aiming to accelerate its goal to reach net-zero emissions by 2050 as the British energy giant seeks to shift away from fossil fuels and boost its renewable energy capacity. The company, which two years ago started on the biggest revamp in its history, now intends to halve... Continue Reading →
(Reuters) - Can oil bankers learn renewable tricks? They may need to in this climate, judging by the experience of Douglas MacKenzie, a Citigroup banker who has spent decades advising global energy giants on fossil fuel deals since joining Goldman Sachs as an associate in 1985. "I cover Big Oil. I'm a supermajor guy," the... Continue Reading →
BP's profits hit their highest in eight years in 2021, lifted by soaring gas and oil prices, as the company boosted share repurchases and said it was accelerating plans to cut emissions with increased spending on low carbon energy. BP's rebound to an annual profit of $12.85 billion after a large loss in 2020, is... Continue Reading →
(OE) Off the Massachusetts and New York coasts, developers are preparing to build the United States’ first federally approved utility-scale offshore wind farms – 74 turbines in all that could power 470,000 homes. More than a dozen other offshore wind projects are awaiting approval along the Eastern Seaboard. By 2030, the Biden administration’s goal is to have 30 gigawatts of offshore... Continue Reading →
Offshore wind turbine makers have been working to build increasingly bigger turbines, and the likes of GE, Siemens Gamesa, Vestas, and MingYang have in the past two years or so unveiled designs for giant 14-16MW rated units.It has been said that larger turbines, while more expensive per unit, reduce the overall cost of large-scale offshore wind... Continue Reading →
Brazil Energy Insight 