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Demand for specialized installation vessels has soared over the past year in response to the growth of the offshore wind energy market, as turbines get larger and project size increases in scale and scope. According to Westwood Global Energy Group, in Europe the average size of turbines currently under construction is 9.3 MW. However, 20-MW... Continue Reading →
(Offshore Energy) Houston-based Vaalco Energy has confirmed progress in its activities offshore Gabon, with a field reconfiguration and replacement of existing floating production, storage and offloading (FPSO) unit with a floating storage and offloading (FSO) vessel still on schedule, the latter being targeted for the third quarter of 2022. Back in August 2021, Vaalco signed... Continue Reading →
In response to Russia’s attack on Ukraine, the United States and 30 other countries that are members of the International Energy Agency (IEA) have committed to releasing a total of 60 million barrels of oil from strategic reserves in an effort to stabilise the global energy markets. An emergency meeting of the IEA member countries was held... Continue Reading →
(OE) Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers. The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several... Continue Reading →
(Reuters) - Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel, the highest since June... Continue Reading →
(Reuters) - Exxon Mobil (XOM.N) on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result of Moscow's invasion of Ukraine. The decision will see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island in Russia's... Continue Reading →
(Reuters) - Publicly traded U.S. shale firms are not budging on production restraint vows as oil markets surge amid Russia's invasion of Ukraine, leaving smaller producers to lead output gains during the highest prices in seven years. Oil futures on Tuesday traded up as much as 10% to $107 per barrel, the most since July... Continue Reading →
(OE) It is clear only a few weeks into 2022 that this year can be a watershed moment for American offshore wind. The Department of the Interior has positioned 2022 to be a record year in terms of offshore wind lease offerings and project greenlights. At the end of 2021, the Bureau of Ocean Energy... Continue Reading →
(Reuters) - Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored energy shortage concerns. Members of the International Energy Agency (IEA), which include the United States and Japan, agreed... Continue Reading →
(Offshore Energy) Malaysian FPSO operator Yinson has decided to review its business with an intention to unlock the value of its offshore production segment, exploring options like IPO or strategic partnerships. Yinson revealed on Tuesday that, as part of the group’s medium-to-long-term strategy to ensure that it is prepared and fit for future growth, the... Continue Reading →
Brazil Energy Insight 