Offshore Energy News - page 7


"World's Most Powerful Floating Wind Turbine" Sets Sail

Aug 19, 2024

OceanX, which is reported by its developer MingYang Group to be the world's largest single capacity floating wind power platform, embarked on its journey from Guangzhou to the Yangjiang Mingyang Qingzhou IV offshore wind farm in Guangdong, China…

Gas Production Starts in Argo Cassiopea field, says Eni

Aug 19, 2024

Eni reports it started gas production from the Argo Cassiopea field, coming from one of the four subsea wells drilled in recent months in the Strait of Sicily. Once captured, the gas is transported through a 60 km subsea pipeline to the Gela processing plant…

Heat Drives Asian LNG Spot Price Spike

Aug 16, 2024

Asian spot liquefied natural gas (LNG) prices rose to their highest in over eight months, with warmer temperatures across the region boosting power demand for cooling purposes.The average LNG price for October delivery into north-east Asia LNG-AS was at $14…

Europe's Gas Surplus Nearly Dried Up

Aug 14, 2024

Europe's record gas surplus inherited from the winter of 2023/24 has been largely eliminated following an unusually small accumulation of inventories so far in the summer of 2024.Inventories across the European Union and the United Kingdom have risen by just 336 terawatt-hours (TWh) since March 31…

Equinor, Dominion Win US Central Atlantic Offshore Wind Auction

Aug 14, 2024

Norway's Equinor and U.S. power company Dominion were the winning bidders in a U.S. government offshore wind auction of two areas off the coasts of Delaware, Maryland and Virginia, the U.S. Interior Department said on Wednesday.The offshore…

Philippine Fishermen Fear Floating Solar Farm Could Sink Their Livelihoods

Aug 13, 2024

Fishing has been a lifeline for Alejandro Alcones for the past four decades, but he now fears his small boat may be replaced by a floating solar farm on the Philippines' largest lake.Alcones is part of a group of fishermen opposed to the government's plan to place solar panels atop Laguna de Bay…

Oil Investors Slash Positions to All-time Low Amid Financial Market Turmoil

Aug 12, 2024

Investors cut their petroleum positions to the lowest level for at least a decade early last week, part of a broad-based retreat from risk amid rising concerns over a global economic slowdown.Hedge funds and other money managers sold the equivalent…

Mexico's New Government Plots Reform to Boost Oil Reserves Amid Soaring Debt

Aug 08, 2024

Mexico's incoming government will encourage state oil producer Pemex to seek equity partnerships with private oil companies, a model out of favor with the current president, in a bid to boost reserves amid towering debt, according to four sources familiar with the matter…

Petrobras Secures Key Licenses to Boost Offshore Oil Production

Aug 08, 2024

Brazil's state-run oil company Petrobras has obtained environmental licenses to expand production in two offshore fields, and could have one vessel start production earlier than expected in one field, three people with knowledge of the matter told Reuters…

Offshore Wind: Inside the Financial Web

Aug 07, 2024

Early 2024 saw a group of financial deals that have implications, in a broad sense, for how offshore wind projects may be financed. While offshore wind projects might be thought of as being in the ‘utility finance’ basket, they are ultimately…

Cyprus Officials Discuss East Med Gas Investments with BP, ADNOC

Aug 02, 2024

Representatives of BP and Abu Dhabi's state oil giant met Cypriot Energy Ministry officials on Friday to explore investments in the country's emerging natural gas sector, a source familiar with consultations said.BP and ADNOC earlier this year…

Underwater Power Grids Could Revolutionize How the US East Coast Gets Its Electricity

Aug 01, 2024

Offshore winds have the potential to supply coastlines with massive, consistent flows of clean electricity. One study estimates wind farms just offshore could meet 11 times the projected global electricity demand in 2040.In the U.S., the East Coast is an ideal location to capture this power…

US Opens Bidding for Offshore Wind Acreage off Texas

Jul 26, 2024

The U.S. Bureau of Ocean Energy Management said on Friday it is seeking competitive bids for offshore wind leases off the coast of Texas after renewable energy developer Hecate Energy Gulf Wind LLC made an unsolicited bid.The administration…

US Senators Introduce Bill to Speed Approvals of Energy Projects

Jul 22, 2024

The top two lawmakers on the Senate energy committee on Monday introduced long-awaited legislation to speed permitting of power transmission, mining and liquefied natural gas export projects.Senators Joe Manchin, an independent who caucuses with Democrats…

BP Energy Outlook: Both Main Scenarios See 2025 Oil Peak, Rapid Renewables Growth

Jul 10, 2024

BP expects oil demand to peak next year and wind and solar capacity to grow rapidly in both of the two main scenarios in its annual Energy Outlook, a study of the evolution of the global energy system to 2050 it published on Wednesday.Carbon emissions…

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