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(Reuters) BP and its partner Equinor are renegotiating the terms of power supply agreements linked to their giant wind developments off the U.S. East Coast, BP CEO Bernard Looney said on Tuesday. "We are in the midst of renegotiating our PPA (power purchase agreement) contracts in the East Coast with our partner Equinor," Looney told... Continue Reading →
(Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. Rivals Chevron (CVX.N), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs... Continue Reading →
(OW) The US Bureau of Ocean Energy Management (BOEM) has announced three final wind energy areas (WEAs) offshore Delaware, Maryland, and Virginia, which, if fully developed, could support between 4 GW and 8 GW of offshore wind capacity. The three WEAs total approximately 356,550 acres. The first WEA (A-2) is 101,767 acres and is located... Continue Reading →
(OW) Technip Energies has signed a Memorandum of Understanding (MoU) with the yard infrastructure provider, Young Chang, and heavy lifting solutions provider, Sarens, to collaborate on floating offshore wind projects offshore South Korea. Carl Sarens, Managing Director of Sarens Projects, said: ”We are looking forward to our cooperation with Technip Energies and Young-Chang Heavy Industries. Our objective... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, regarding the pieces of news published in the media, informs that it has carefully observed the developments of the international oil market and its impact on the Brazilian market. The company reiterates that product price adjustments are made in the normal course of its business, due to the continuous monitoring... Continue Reading →
Offshore drilling firm Valaris said Monday it had secured a 12-well contract offshore West Africa for drillship VALARIS DS-7. Valaris will reactivate the drillship for this contract. The contract, with an undisclosed client, is expected to start in the second quarter of 2024 and has an estimated duration of 850 days. The total contract value... Continue Reading →
(Reuters) Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million... Continue Reading →
(OW) The New Jersey Economic Development Authority (NJEDA) has approved agreements with Ørsted for the development and sublease of up to 34 acres at the New Jersey Wind Port (NJWP), which Ørsted will use as a staging and support area for its 1.1 GW Ocean Wind 1 offshore wind project. With the agreement, Ørsted will... Continue Reading →
Spain-headquartered Iberdrola has secured a EUR 500 million loan from Citi, partly guaranteed by the Norwegian Export Credit Agency (Eksfin), to support the development of the 1.4 GW East Anglia Three offshore wind farm in the UK. The loan has a drawdown period of two years. According to Iberdrola, it will improve the company’s liquidity... Continue Reading →
Corio Generation has signed cooperation agreements with local companies, based in Busan, for the development of offshore wind projects in South Korea. Corio announced it had signed a Memorandum of Understanding (MoU) with GS Entec on 19 July and with Chokwang-Jotun on 20 July, respectively, for its offshore wind projects in Busan. Under the agreements,... Continue Reading →
