Offshore Energy News

 

Germany to Build More Offshore Wind than Originally Planned

Jun 07, 2024

Germany plans to build more wind turbines in the North and Baltic seas than originally planned, a draft plan by the maritime authority showed on Friday, as Berlin aims to have 70 gigawatts of offshore wind energy by 2045.Germany's Maritime and Hydrographic Agency (BSH) on Friday published a draft containing specifications for offshore wind energy expansion to up to 60 GW by 2037, up from 40 GW originally planned for 2035…

Japan Could Be Energy-independent by 2060

Jun 14, 2024

Japan, a major coal and liquefied natural gas (LNG) buyer, could be energy-independent by 2060 thanks to expansion of solar and wind power together with storage batteries, said Jarand Rystad, chief executive of the Rystad Energy consultancy…

China, Pakistan Agree to Strengthen Oil and Gas Cooperation

Jun 10, 2024

China and Pakistan have agreed to boost mining cooperation and promote the implementation of a pact on strengthening mining development and industrial cooperation, according to a joint statement from the two countries.Pakistani Prime Minister Shehbaz Sharif visited in Beijing from June 4 to 8…

Seatrium to Build HVDC System for TenneT’s Offshore Grid Project

Jun 09, 2024

Seatrium and GE Vernova have been awarded a third contract by TenneT TSO B.V. (TenneT) for the construction of a 2-gigawatt (GW) High Voltage Direct Current (HVDC) electric offshore transmission system in the Netherlands.The project is slated to begin in June 2024…

BOEM Clears Way for Central Atlantic Offshore Wind Leases

Jun 06, 2024

The Bureau of Ocean Energy Management (BOEM) issued on Thursday its final environmental analysis that found 'no significant impacts' from leasing Central Atlantic coastal areas for potential offshore wind development off the Delaware, Maryland…

OPEC+ Bets the Robust Crude Oil Demand Forecast is Right

Jun 03, 2024

The OPEC+ decision to extend crude oil production cuts is an acknowledgment that demand growth is still uncertain, but also that the group remains hopeful its bullish scenario is correct.The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia…

OPEC+ Extends Deep Oil Production Cuts into 2025

Jun 03, 2024

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.Brent crude oil prices LCOc1 have been trading near $80 per barrel in recent days…

Extreme Asian Heat Spurs LNG Demand Ahead of Summer Months

May 31, 2024

Extreme temperatures across Asia are driving up liquefied natural gas (LNG) demand in the region as importers seek cargoes ahead of summer, with imports in South Asia hitting records.This could tighten available supply and further lift Asian spot prices that have already gained a third since April…

Orsted, New Jersey Reach Settlement Over Canceled Offshore Wind Farms

May 28, 2024

New Jersey officials said the state will receive $125 million from a legal settlement with Denmark's Orsted ORSTED.CO over the company's cancellation last year of two offshore wind farm projects.The New Jersey Board of Public Utilities said…

Lula's Ambitions for Petrobras Hemmed in by New Rules

May 20, 2024

Brazilian President Luiz Inacio Lula da Silva may soon discover that swapping the CEO of Petrobras PETR4.SA is not enough to turn the state-run oil company into the engine for job creation and development it was during his first 2002-2010 terms…

Outlook ‘Surprisingly Positive’ for US Offshore Wind

May 20, 2024

It certainly has been an active few months in the U.S. offshore wind space.Despite some ongoing issues, the fundamentals are looking surprisingly positive in the context of what has taken place over the last 12 months. In fact, the key concern…

New Dutch Coalition Aims for More Offshore Gas Extraction

May 17, 2024

The incoming Dutch government said on Thursday it will aim to expand offshore natural gas extraction and nuclear energy production as part of plans to reduce the Netherlands' dependence on 'unreliable countries.'In its draft coalition pact,…

Iberdrola to Triple Offshore Wind Assets

May 17, 2024

Europe's largest utility Iberdrola will keep betting on offshore wind in the coming years, roughly tripling the value of its assets in the sector to 17 billion euros ($18 billion), Executive Chairman Ignacio Sanchez Galan told shareholders on Friday…

AGR Gets Offshore CO2 Storage Job in North Sea

May 13, 2024

Altera Infrastructure has appointed AGR, part of ABL Group, to conduct an independent third-party storage evaluation of the Havstjerne CO2 storage license offshore Norway.In late March 2023, the Norwegian Ministry of Energy awarded Altera Infrastructure…

Ørsted’s Gode Wind 3 Delivers First Power

May 08, 2024

First power from Ørsted’s Gode Wind 3 offshore wind farm in the German North Sea is now feeding the grid.Offshore wind construction company Cadeler reports its wind turbine installation vessel (WTIV) Wind Osprey recently installed the first Siemens Gamesa 11-megawatt (MW) turbine at the project…

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Japan Could Be Energy-independent by 2060

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