Crude oil production in the US Gulf of Mexico will continue to set records through 2020, the US Energy Information Administration (EIA) expects.The EIA said it anticipates average annual crude oil production in the US Federal Gulf of Mexico (GoM) in 2019 and in 2020 will top the 1…
The UK will account for 35% of the growth in offshore wind over the next five years, followed by the Netherlands and Germany, said , according to WindEurope’s new ‘Wind Energy Outlook to 2023’.In the next five years 22 GW of wind energy capacity…
Lower oil prices will push the global oilfield services (OFS) sector into a recession in 2020 after three successive years of growth, according to Rystad Energy.In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy…
The subsea market in 2019 will experience year-on-year growth for the first time since 2014. But the positive outlook is vulnerable to any significant decline in oil prices over the next few years, according to analyst Rystad Energy.“We expect the subsea market to thrive during the coming years…
The International Energy Agency (IEA) held a high-level workshop on the outlook for offshore wind energy yesterday (May 13), bringing together 80 senior representatives from government, the private sector, research groups, academia and international organisations…
Denmark's largest energy company Ørsted A/S plans to issue green senior bonds in the UK-market to finance its green growth ambition towards 2025 including the investments in 1,386MW Hornsea Two offshore wind farm.With the bond issuance, Ørsted…
There is a quiet but confident sense of growing optimism about prospects for the oil and gas market. The industry is now a far cry from 2015’s oil price crash that led to widespread decommissioning and lay-offs. Whilst operators are still facing volatile markets…
Supplying the energy needed to support the growing prosperity of the global population yet reducing emissions enough to meet the Paris reduction goals is a major challenge, BP Chief Executive Bob Dudley said.It is, Dudley said, “a vast and complex problem…
In its 2019 “Annual Energy Outlook” the US Energy Information Administration (EIA) projects that electric generation from renewables (wind, solar, hydro) will go from 500 billion KWh in 2018 to 1500 billion KWh in 2050, just 30 years from now…
Wind power is set overtake coal, nuclear and gas to become the EU’s largest power source well before 2030. This is according to the International Energy Agency’s (IEA) 2018 World Energy Outlook.According to the IEA’s projections, wind energy will become the EU’s largest power source in 2027…
German energy group EnBW on Monday cut the outlook for its renewables division after low wind and water levels hurt the output at its hydroelectric power plants and wind parks.The group said adjusted core earnings (EBITDA) at its renewables unit would develop in a range of -10 to +5 percent…
Danish energy group Orsted posted third-quarter profit well above analyst expectations on Thursday and lifted its outlook for the year, in part thanks to the contribution from new offshore wind projects.Orsted now expects EBITDA for the year…
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced…
By restraining production, OPEC and its allies have succeeded in eliminating excess oil stocks and accelerating the recovery in prices, but they are paying an increasingly high price in terms of market share. U.S. producers will capture all the growth in global oil consumption this year…
A healthy geophysical industry will be needed to enable exploration and production (E&P) companies to find not only unconventional hydrocarbons, but deepwater and conventional oil and gas as well, said Stephen Greenlee, president of ExxonMobil Exploration Co…
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