The agency's head claims that Colombian oil and gas reserves are expected to increase this year.
The head of Colombia's hydrocarbons department said on Tuesday that the country's oil and natural gas reserves are likely to grow in comparison with the previous year. Colombian oil reserves are expected to reach 2.04 billion barrels in 2024 - enough for 7.2 years' worth of consumption. Orlando Velandia said the agency was predicting crude prices would close the year around $70 a barrel. He said that if this is the case, then the agency will not have to reduce its reserve estimates. Brent crude closed Tuesday at $68.47 a barrel. According to Velandia, the estimate of Colombia's reserves could rise even higher.
Sentinel Midstream’s deepwater oil export project is granted an air permit by the EPA
On Monday, the U.S. Environmental regulator announced that it had granted an air permit to Sentinel Midstream for its proposed deepwater oil project off Texas' coast. According to a press release, the Environmental Protection Agency has issued a permit under the Clean Air Act that permits the use of auxiliary vessels to control volatile organic compounds at the proposed Texas GulfLink deepwater terminal. U.S. president Donald Trump wants to see projects approved faster, especially those that boost the U.S. oil and gas industry. This permit will bring Sentinel closer to making a final investment.
Australia approves the North West Shelf Gas Plant to operate until 2070
Australia approved Woodside's application to operate Australia's second largest and oldest liquefied gas plant, the LibNaGa Plant, until 2070. The new emission rules were imposed to reduce its environmental impact. North West Shelf, a plant in Western Australia, is expected to emit up to 4.3 million metric tons carbon dioxide over its lifetime. Critics say this will endanger nearby ancient rock art as well as set back climate change efforts. Murray Watt, the Environment Minister, told a Friday press conference that Woodside had accepted a number of conditions to protect Indigenous art.
Tenaris' net quarterly sales decline 7% due to Brazil and Europe weakness
Tenaris, an Italian steel pipe manufacturer, reported a 7% decline in net sales during the second quarter 2025. This was due to lower shipments into Brazil and Europe. The company's net sales fell from $3.32 billion to $3.09billion in the second quarter of last year. Sales volumes in the tubes segment dropped 5% due to lower shipments for the Raia offshore project, in Brazil, and lower sales in Europe of offshore line pipes. Tenaris, based in Luxembourg, said it expects a drop in U.S. Oil Country Tubular Goods imports following the recent U.S. steel tariff increase. The company also anticipates a gradual rise over time. In May, U.S.
Australia approves Woodside's North West Shelf LNG Plant to operate until 2070
Australia approved Woodside Energy’s request on Wednesday to extend the lifespan of its North West Shelf Gas Plant until 2070. This follows a six-year process that was plagued by delays, complaints and criticism from environmental groups. North West Shelf, located in Western Australia on the Burrup Peninsula, is Australia's largest and oldest liquefied gas plant. It also serves as a major supplier of LNG to Asian markets. In a press release, Environment Minister Murray Watt stated that the decision to approve an extension of the project was subject to strict conditions.
Equinor could cancel New York offshore project due to Trump's order
Developer of major U.S. off-shore wind project warns that it will cancel Empire Wind facility near the coast of New York, if they cannot resolve a stop-work order from the Trump administration issued a month ago. Molly Morris is the president of Equinor's U.S. renewable energy division. She said that the company spends $50 million per week to keep this project alive. Morris stated in an interview that the situation was no longer sustainable. Interior Secretary Doug Burgum told Equinor on April 17 to stop construction of the project, citing…
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas. OMV Petrom, a majority-owned company of Austria's OMV, is the largest shareholder in Neptun Deep. Neptun Deep is expected to double Romania's production of gas and turn it into a net-exporter…
Copenhagen Infrastructure Partners closes third offshore wind project with Taiwan
Copenhagen Infrastructure Partners, a clean energy fund manager, announced on Wednesday that it had reached financial closure on its 495 Megawatt (MW), Fengmiao I Wind Project, located off the coast Taichung in Taiwan. CIP announced that Fengmiao 1, its third offshore wind farm in Taiwan, would be built by local and international suppliers with proven track records. CIP reports that Danish wind turbine manufacturer Vestas will provide 33 units of their latest 15MW turbines for Fengmiao I. Vestas supplies turbines to CIP’s two existing projects.
Colombia regulator: Licenses for Petrobras and Ecopetrol offshore projects will be ready by mid-2026
Orlando Velandia of Colombia's hydrocarbons regulatory agency said that by mid-2026 the Brazilian state-run Petrobras, and its Colombian equivalent Ecopetrol, could have all the licenses they need to move forward with a joint offshore project in Colombia. The project is now commercialized after 6 trillion cubic feet of natural gas reserves were confirmed. The partners are planning to complete drilling a well in this year while also planning its development. Before building infrastructure, an environmental and social license is required. The project…
Kansai electric, a Japanese company, has invested in Iberdrola’s offshore wind project worth 1.3 billion euros.
The company announced on Friday that Japan's Kansai electric power Co had agreed to purchase a 49 percent stake in Iberdrola’s Windanker offshore project in Germany. This agreement expands a partnership between the Spanish renewable energy giant and the Japanese firm. The wind farm, located in the German portion of the Baltic Sea will have a capacity installed of 315 Megawatts. It is expected to begin operating at the end of 2026. Kansai has not disclosed the amount it paid for its share. Iberdrola will retain 51% of the project and values it at 1.3 billion euro. This is Kansai's fifth offshore wind project, bringing the total offshore wind capacity to 3 gigawatts.
TotalEnergies Suriname project gets underway with $3 billion in contract awards
TotalEnergies, a French oil company, has awarded contracts for engineering services worth more than $3 billion to its first offshore project in Suriname. Italian energy contractor Saipem announced on Thursday that it had signed a $1.9billion deal with a Suriname subsidiary of TotalEnergies for the development of the GranMorgu oil field. In a separate announcement, TechnipEnergies said that it was also awarded an additional contract for more than one billion euros ($1.1billion) to build a FPSO (Floating Production Storage and Offloading) vessel. TotalEnergies, a U.S.
Orsted says US Green Energy Demand Will Grow Regardless of Election Results
Orsted said that the demand for green power will continue to grow in the United States, regardless of the person who is elected as president. However, the group also pointed out construction issues and increased costs at an offshore wind farm in the United States.The U.S. offshore industry is a young one, and it has already been affected by cancelled projects. Lease sales have also been put on hold. And there was a serious construction accident that occurred at the first major offshore project in the country.As part of the administration of President Joe Biden…
US Offshore Wind Execs Fret Possible Trump Victory
The U.S. Offshore Wind Developers put on a brave front at a conference in Washington this week. They praised their ability to work together with leaders of both political parties. However, attendees privately worried that things might get tough for them if Republican Donald Trump wins the 2024 presidential election.Former President and Republican nominee, Donald Trump, has promised to cancel offshore wind projects on his first day of office if he wins the White House. He claims that windmills are bad for the environment and harm birds and whales.Trump is locked in a close race with Democratic Vice President Kamala Harris who…
Iberdrola, a Spanish company, invests $15.7 billion into Scottish Power's division
Iberdrola - Spain's largest energy company - will invest up 12 billion pounds ($15.7billion) in Scottish Power, its British division, over the next four year, doubling their commitment to the UK in advance of a global summit on investment in London. The investment comes at a time when Britain's Labour government is trying to attract billions of pounds worth of foreign investment as it celebrates its 100th day in office, and hosts global business leaders in the Oct. 14 Summit. In a Thursday statement, British Prime Minister Keir starmer said: "We're creating conditions for businesses that will thrive.
Sources: TotalEnergies will sign a $10 billion deal for Suriname's offshore project
Four sources familiar with the project said that TotalEnergies, a French oil company, will sign the final investment decision on Tuesday, for the first offshore oil and natural gas development of Suriname. The development is expected to cost more than $10 billion. Gran Morgu, located in Block 58 140 km off of the coast of South America, has estimated recoverable reserves of 700 million barrels. This is comparable to ExxonMobil’s 11 billion barrel discovery in the neighbouring oil-rich Guyana. Annand Jagesar told reporters last week that the FID will be implemented in the first quarter of 2024.
ConocoPhillips wins approval from a judge for the seizure of payments made to Venezuelan PDVSA
ConocoPhillips won approval from a Trinidad court on Friday to seize payments made by the Caribbean nation to Venezuela's oil company in connection with a proposed offshore project between the two countries. ConocoPhillips is trying to recover money for many years from Petroleos de Venezuela for the expropriation of its assets. PDVSA paid Conoco $700 million as part of a settlement deal, but stopped payments at the end of 2019. Conoco, since then, has tried to enforce arbitral rulings against Venezuelan and PDVSA. This includes a $1.33-billion claim against PDVSA at Trinidad's High Court.
Hitec, a unit of Eni, wins support for a large floating wind farm
Flotation Energy, a joint-venture between Eni Plenitude, and HitecVision private equity, announced on Tuesday that their floating offshore project Green Volt had won a contract in Britain's most recent renewable energy auction. They said that the 2.5 billion pound initiative ($3.28 billion), which will have a maximum capacity of 560 megawatts and be supported by incentives from government, is on track to become the largest floating offshore wind farm in support. The ship will be 80 km (50 miles), off the coasts of Scotland's northeast. Vaargroenn's…
Tekmar Boosts U.S. Offshore Wind Presence
Tekmar Group, a UK-based offshore services provider, has announced the involvement of its operating companies; Ryder Geotechnical, Agiletek Engineering, Tekmar Energy, and Pipeshield International in the Coastal Virginia Offshore Wind Project (CVOW) on the East Coast of the US.The 12 MW CVOW project is the first offshore wind project in US federal waters. It includes the deployment of two 6MW commercial-scale offshore wind turbines that will help to determine the best practices for future offshore wind projects located on the East Coast.Ryder Geotechnical…
Equinor Resumes Martin Linge Work, after Coronavirus-linked Halt
Norway's Equinor has restarted work at its Martin Linge development in the North Sea following a haltafter an offshore worker tested positive for coronavirus, the company said on Thursday."We are gradually stepping up activities again. We have cleaned and disinfected facilities, and believe that it's now safe to restart work," a company spokesman said.The company initially plans to bring back some 300 workers, down from more than 770 workers previously, due to government-imposed travel restrictions affecting its foreign workers, he added.
France Plans 1 GW Offshore Wind Farm
France wants to construct a wind farm off the coast of Normandy as the nuclear-dependent nation moves to expand power generation from renewable sources, the energy ministry said on Monday.The planned 1-gigawatt (GW) wind farm could have up to 80 wind turbines of around 12 megawatts each, in an area where wind conditions and the seabed are very favorable for offshore wind power at a competitive price, the ministry said in statement.France is racing to boost the share of renewable generation capacity in its energy mix and reduce its dependence on nuclear energy.