Offshore accommodation rig provider Prosafe has achieved what it says is an important milestone in its financial restructuring following the approval of its plan in Norway. Prosafe’s financial restructuring process is on track with formal support from all lenders already received. The extraordinary general meeting approved the solution on 27 September 2021, the Singapore scheme was sanctioned... Continue Reading →
Business leaders optimistic COP26 visions will become reality
(Reuters) - A week into the United Nations' high-profile climate conference in Glasgow, executives and financial analysts said they are optimistic the talks will lead to changes needed for business to play a bigger role in tackling climate change. The business observers pointed to several steps by world leaders they said could boost sustainable business... Continue Reading →
Highest fleet utilisation since 2019 nearly quadruples Prosafe revenues
Offshore accommodation rig provider Prosafe has achieved the highest quarterly fleet utilisation rate since 2019, nearly quadrupling its revenues and shrinking net loss when compared to the third quarter last year. In its 3Q 2021 report on Thursday, Prosafe said that its fleet utilisation rate in the third quarter of 2021 was 70.9 per cent compared to... Continue Reading →
INVESTMENT COSTS FOR GREEN HYDROGEN PRODUCTION WILL HAVE A SIGNIFICANT REDUCTION: STATKRAFT
Green hydrogen will be a necessary instrument for the world to be able to limit climate change to the levels established in the Paris Agreement. The finding is from a new report prepared by the Norwegian Statkraft, one of the major generators of renewable energy in Europe. The Low Emissions Scenario study produced by the... Continue Reading →
Rystad: Offshore Wind Spending Closing the Gap on Oil and Gas Investments
Offshore wind spending is closing the gap on oil and gas investments and is expected to surpass them in several important countries by 2030, with the U.S. to see the fastest growth in offshore wind investment, Norway's Rystad Energy said Monday. "While global O&G capital expenditure will rise nominally in this timeframe, anticipated growth in... Continue Reading →
Nearly 90 countries join pact to slash planet-warming methane emissions
(Reuters) - Nearly 90 countries have joined a U.S.- and EU-led effort to slash emissions of the potent greenhouse gas methane 30% by 2030 from 2020 levels, a pact aimed at tackling one of the main causes of climate change, a senior Biden administration official said. The partnership will be formally launched later on Tuesday.... Continue Reading →
‘Cash Machine’ BP Sees Profit Surge
BP added more than a billion dollars to its share buyback program on Tuesday as it likened itself to a "cash machine" benefiting from higher oil and gas prices and a strong trading performance in the third quarter. Natural gas and power prices around the world surged this autumn as tight gas supplies collided with... Continue Reading →
Subsea Processing: Emissions Abatement Opportunity Knocks?
(OE) A complete subsea factory may yet be a pipe dream. However, with its constituent parts now more or less ready, the industry has a much greater toolbox of technologies with which it can now apply to existing and new subsea developments. But is there willingness, even with the temptation of being able to reduce... Continue Reading →
A Seismic Shift
(OE) Despite oil prices recently edging past $80 a barrel, scars from two recent oil industry downturns in five years have forced offshore seismic surveyors to look at ways to diversify. Marine seismic survey companies provide essential data to offshore oil and gas explorers to make better-informed drilling decisions. However, with every oil industry downturn,... Continue Reading →
U.S. Congress puts Big Oil in the hot seat in climate deception probe
(Reuters) - The U.S. Congress on Thursday will open a year's worth of investigations into whether Big Oil deceived Americans about its role in climate change, with Democratic lawmakers planning to grill the chiefs of four oil companies and two lobby groups. Environmental groups and their congressional allies hope the hearing evokes the Big Tobacco... Continue Reading →
Brazil Energy Insight 