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(Reuters) - BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40%... Continue Reading →
(Reuters) The Norwegian government proposed on Monday to offer up to 35 billion Norwegian crowns ($3.29 billion) in subsidy payments in the country's first commercial floating wind power tender, in line with a compromise reached earlier this year. "Norway has enormous potential for floating offshore wind on its continental shelf, but because the technology is... Continue Reading →
(OE) Equinor has acquired a 9.8% stake in Ørsted, becoming the second largest shareholder in the company after the Danish State, which holds a controlling stake. Equinor's ownership position has been built over time, through a combination of market purchases and a block trade. The current market value of Equinor's holding in Ørsted is around... Continue Reading →
(Reuters) - Latin America's wealth of hydroelectricity and other renewable energy resources could make the region a major producer of clean hydrogen as the world seeks alternatives to fossil fuels to fight the climate crisis, but some big hurdles lie in the way. Government leaders expect a major boon for the region from clean hydrogen,... Continue Reading →
(offshore-mag.com) The US Bureau of Ocean Energy Management (BOEM) has approved the Atlantic Shores South 1 and 2 project plan to construct and operate two offshore wind energy facilities with a combined generating capacity of up to 2.8 MW. It represents the final approval needed from BOEM following the Department of the Interior’s Record of... Continue Reading →
(Reuters) - Final investment decisions for hydrogen projects have doubled over the last 12 months, dominated by China, but installed capacity and demand are low as the industry faces uncertainty, the International Energy Agency (IEA) said in a report on Wednesday. The investment decisions represent a five-fold increase of current low-emission hydrogen production by 2030,... Continue Reading →
(OE) Salamander Offshore Wind Farm, a project being developed by a joint venture between Ørsted, Simply Blue Group and Subsea7, has submitted its consent applications for the onshore aspects of its proposed 100 MW floating wind development. The applications outline Salamander’s plans for the onshore components of its proposed development, according to the joint venture... Continue Reading →
(OE) Danish wind turbine maker Vestas has signed a conditional turbine order agreement with Inch Cape Offshore, an equal joint venture between ESB and Red Rock Renewables, for the 1.1 GW Inch Cape offshore wind project in Scotland. The agreement is for the supply, installation, and commissioning of 72 V236-15.0 MW wind turbines for the... Continue Reading →
(Reuters) - Brazilian miner Vale and Green Energy Park have agreed to team up to explore opportunities for green hydrogen production in the South American country, the mining giant said on Tuesday. WHY IT'S IMPORTANT Brazil has been looking to develop a green hydrogen industry as part of efforts to unlock new sectors to power its... Continue Reading →
(OE) The Bureau of Ocean Energy Management (BOEM) has decided to delay the offshore wind energy auction planned for potential lease areas offshore Oregon due to insufficient bidder interest at this time. On August 29, 2024, the Department of the Interior announced the Final Sale Notice (FSN) for offshore wind leasing on the Outer Continental... Continue Reading →
Brazil Energy Insight 