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(OM) Challenger Energy has completed the transfer of a 60% interest in the AREA OFF-1 block offshore Uruguay to Chevron subsidiary Chevron Mexico Finance LLC, Sucursal Uruguay. All approvals for the transaction have come through from the Uruguayan regulatory authorities. Challenger has received a cash payment of $12.5 million and retains a 40% interest in the block, with Chevron... Continue Reading →
The US Bureau of Ocean Energy Management (BOEM) and the Department of Defense (DOD) have signed a memorandum of understanding (MoU) to support the coordinated development of offshore wind on the US Outer Continental Shelf (OCS). The agreement calls for DOD and BOEM to find mutual solutions that support renewable energy in a manner compatible... Continue Reading →
(offshoreWIND.biz) Avangrid and Invenergy have each secured two lease areas in the Gulf of Maine auction, where total bids exceeded USD 21.9 million (approximately EUR 20 million), marking the first lease sale in the region and the first for floating offshore wind on the US Atlantic coast. The US Bureau of Ocean Energy Management (BOEM)... Continue Reading →
(Reuters) - Hess Corp beat estimates for third-quarter profit on Wednesday, helped by higher oil production in Guyana. The Guyana assets are at the center of an ongoing dispute between oil giants Chevron and Exxon that has delayed Chevron's $53 billion takeover of Hess. Hess agreed to the buyout last October, but the deal has been challenged by... Continue Reading →
Subsea 7 S.A. announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Ørsted for the transport and installation of the inter-array cables of the Hornsea 3 offshore wind project located in the UK sector of the North Sea. Seaway7’s scope of work covers the transportation and installation (T&I) of... Continue Reading →
(Reuters) - Colombia's energy ministry said on Tuesday it had received interest from seven foreign and two local companies in an offshore wind power project and that it expected formal bids within the first six months of 2025. The companies include Colombian state oil firm Ecopetrol and power firm Celsia, Spain's BlueFloat Energy, Denmark's Copenhagen Infrastructure Partners,... Continue Reading →
(Reuters) - Mexican state-owned oil company Pemex reported a deeper $8.2 billion third-quarter net loss on Tuesday, hurt mostly by a weaker exchange rate even as it benefited from support from the country's new government. The company, in a filing with the Mexican stock exchange, posted a loss of around $4.5 billion in the third... Continue Reading →
(Reuters) - Investment in the green energy transition needs to double to $3.5 trillion per year if the world is to meet the Paris Agreement's goal of reaching net zero emissions by 2050, a report by Wood Mackenzie said on Tuesday. On top of the investment gap, the consultancy's analysis said global efforts to shift... Continue Reading →
(Reuters) - President Joe Biden's administration on Tuesday will kick off a sale of offshore wind development rights for eight areas off the coasts of northern New England, a key test of industry appetite for new investment after a year of high-profile setbacks. The auction of nearly 1 million acres (404,680 hectares) in the Gulf... Continue Reading →
(Reuters) BP on Tuesday reported a 30% drop in third quarter profit to $2.3 billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results. The drop in profit from a year earlier was, however, smaller than expected. It comes amid a slowdown in global economic activity and oil... Continue Reading →
Brazil Energy Insight 