Offshore News, Offshore Engineer Magazine

 

US Stays the Course Toward Offshore Wind Targets

Aug 04, 2022

The events of the last month have shown that, despite some negative factors, the impetus to continue to grow the U.S. offshore wind segment has lost little steam. The foundations are firmly in place to support the deployment of 30 gigawatts (GW) of offshore wind by 2030 and 110 GW by 2050.Two major outer continental shelf (OCS) projects with around 940 megawatts (MW) of capacity have reached final investment decision (FID) and have commenced onshore construction…

Price is the Elephant in Australia's LNG, Domestic Gas Conundrum

Aug 02, 2022

Australia's threat to curb exports of liquefied natural gas (LNG) in order to ensure domestic supplies is another unwelcome pressure on a tight global market for the super-chilled fuel.But it's not an immediate threat, and it may also not materialize at all…

West Africa Market Harbors Positive Potential for MODU Operators

Jun 14, 2022

The region could be a key growth market for the oil and gas industry going forward, writes Joshua Belo-Osagie, Maritime Strategies International (MSI).Improving sentiment surrounds energy market prospects offshore West Africa, the positive mood underpinned by higher oil prices…

Brent Bulls Get a Boost from EU Sanctions on Russia

Jun 13, 2022

EU sanctions on Russia’s petroleum exports and easing lockdowns in China have encouraged portfolio investors to become more bullish on oil prices despite the steadily darkening outlook for the major economies.Hedge funds and other money managers…

Israel-Lebanon Sea Boundary Row Obstructs Energy Development

Jun 07, 2022

A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between two foes.After months of deadlock in U.S.-mediated talks, Beirut on Sunday warned against any activity in the disputed area…

Australia's LNG Industry Takes Risky Bet on Carbon Capture: Russell

May 18, 2022

Australia's vast liquefied natural gas (LNG) sector is betting its future on carbon capture and storage (CCS), a technology it says is vital to decarbonization and is proven.Convincing everybody else is going to be the tricky part, especially…

Wind Turbine Makers Struggle to Find Pricing Power

May 05, 2022

Wind turbine makers racked up hefty losses last quarter, swelled by rocketing costs and cut-throat competition despite being more in demand than ever.The industry started seeing a steep decline in prices and increased competition back in 2017 as some governments moved away from generous…

As Russia Avoids Energy Sanctions, Oil Majors Flee but TotalEnergies Stays

Mar 07, 2022

BP, Shell, Exxon, Equinor flag Russia exitsTotalEnergies sticks with Russian natgas assetsLNG central to TotalEnergies' strategyFrance's TotalEnergies cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine…

Oil's Journey from Worthless in the Pandemic to $100 a Barrel

Feb 25, 2022

In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity…

Brazil Has Oil. Exxon Can't Seem to Find It

Feb 14, 2022

Exxon Mobil Corp has bet billions of dollars on offshore drilling in Brazil, an area it once abandoned and now sees as key to its future.But five years into its comeback, the U.S. oil giant has yet to make a major oil discovery as an operator…

What’s Happened to Teras Offshore's Liftboat Fleet?

Feb 09, 2022

Teras Offshore, once a notorious ‘‘big boy’’ in Singapore’s offshore oil & gas market and owning a varied fleet of liftboats, jack-ups, and small AHTs, has recently been forced to close its doors for good and put an end to years of suffering and losses…

Can Qatari Gas Offset Disruptions to Russian Supply in Europe?

Feb 02, 2022

The United States, the world's top natural gas producer, has asked Qatar and other major energy producers to divert gas supplies to Europe if Russia attacks Ukraine and the United States imposes sanctions on Russia.Russia, which supplies around a third of Europe's gas…

Inside OPEC, Views are Growing That Oil's Rally Could be Prolonged

Jan 19, 2022

Oil's rally may extend further in the next few months due to recovering demand and limited capacity in OPEC+ to add supply and prices could break $100 a barrel, OPEC officials have told Reuters.Oil last traded at $100 a barrel in 2014, after averaging $110 a barrel over the previous two years…

Weak Winds Worsened Europe's Power Crunch; Utilities Need Better Storage

Dec 22, 2021

Wind speeds were milder than usual in Europe this year, so windmills across the bloc generated less electricity which worsened a crunch that sent power prices to record highs as utilities had to buy more coal and scarce, costly, natural gas…

Are Germany's New Climate Plans Realistic?

Dec 08, 2021

The German government, to be sworn in on Wednesday, has presented plans to step up climate protection efforts entailing far-reaching reforms for the utility sector and across manufacturing industries, buildings, transport, and agriculture.The targets are radical…

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