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The oil and gas industry expects to boost investment in the energy systems of the future this year as companies seek to transform for the long term, DNV GL said. In a new report named ‘Turmoil and Transformation: The outlook for the oil and gas industry in 2021’, DNV GL claimed that a record two-thirds... Continue Reading →
(Bloomberg) --Total has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions. Europe’s three largest oil and gas companies -- Total, BP and Royal Dutch Shell -- all announced plans last year to eliminate most greenhouse gas emissions from their operations and the fuels they sell in the coming... Continue Reading →
Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday. The move comes as global miners and Japanese trading companies cut their exposure to coal operations, including mining... Continue Reading →
Oil major BP has drastically cut its fossil fuel exploration team in an attempt to keep up with the fast-moving revolution focused around renewables and climate change. BP’s team of geologists, engineers, and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, according to company... Continue Reading →
Oil and gas supply chain companies have seen their profits squeezed since the E&P cost cuts of the previous downturn – and just as the industry could finally hope for better days, the Covid-19 pandemic caused the value of 2020’s awarded contracts to slump to a 16-year low of $446 billion, according to Rystad Energy.... Continue Reading →
French oil major Total has withdraw from the U.S. oil and gas industry association American Petroleum Institute (API), over the differing climate positions, as well as over API's support for candidates who oppose Paris Agreement. " Following a detailed analysis of the climate positions of the American Petroleum Institute (API), Total announces its decision not... Continue Reading →
Oceaneering’s Subsea Robotics segment has won multiple contracts during the fourth quarter of 2020, with anticipated aggregate revenue in excess of $225 million. These contracts are with international oil and gas operators and marine construction companies, and range in duration from several months to five years. The work scopes are primarily for remotely operated vehicle (ROV)... Continue Reading →
Floating Power Plant (FPP) and partners Lundin Energy Norway, NOV-APL, Semco Maritime, Cefront Technologies and Aalborg University have completed a project aimed at using floating wind and wave power to support an offshore oil and gas facility. According to FPP, the project shows that using renewable energy can help the oil and gas industry reduce... Continue Reading →
Aggregate fossil fuel demand is set to peak in 2027 – with oil peaking in 2029 and gas in 2037 – partially due to the impacts of COVID-19, according to new research by leading global consultancy, McKinsey & Company. The Global Energy Perspective 2021 report finds that while coal demand peaked already, peaks in demand... Continue Reading →
Siemens Gamesa and Siemens Energy have this week announced they'd work together on wind-to-hydrogen projects to help decarbonize the economy "to solve the climate crisis." The companies said they were contributing with their developments to an innovative solution that fully integrates an electrolyzer into an offshore wind turbine as a single synchronized system to directly... Continue Reading →
Brazil Energy Insight 