Solar, Wind Uptake to Reach 5.4 TWac from 2024 to 2033, Says Wood Mackenzie
Global solar deployment to add 3.8 TWac of new project capacity by 2033 compared to 1.6 TW of wind power, while 640% growth is forecast for energy storageFrom 2024 to 2033, developers will bring more than 5.4 terawatts (TWac) of new solar and wind capacity online, increasing the cumulative global total to 8 TWac, as the world endeavours to electrify economies and meet decarbonisation targets, according to latest analysis by Wood Mackenzie.Energy storage capacity (excluding pumped hydro) will grow by more than 600%, with nearly 1 TW of new capacity expected to come online in the same period.
Floating Production – A Growing Segment in Transition
The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains, competing for increasingly scarce resources.To receive a full version of Inteletus analysis, click hereThe established floating production segment is forecast to experience continued growth through this decade, driving demand for, among other things, moorings, subsea systems, umbilicals, risers, flowlines and the large anchor handlers and subsea support vessels that will install and maintain the elements.At the same time…
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully, the United States has long been blessed with tremendous sources of domestic energy that, if properly utilized, can protect us from suffering a similar energy-reliance disaster as experienced in Europe.
Rystad Says Oil Demand is Peaking. Predicts $60 a Barrel by 2027
Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles.Their outlook is a reassuring message amid recent Wall Street analysts predicting up to $150 per barrel in the next two years. Rystad's long-term forecast calls for prices to peak next year at $91 per barrel before dropping to as much as $50. "Demand is peaking," Claudio Galimberti, Rystad's head of North America Research, said on Thursday at an event in Houston.
Rapid Charging Systems: Current Technology for the Future of Ferries
As the devotion to more sustainable shipping expands and regulations become more stringent, the demand for lower emissions operations continues to increase. As a result, the marine industry is confronted with the challenge of large-scale electrification as an alternative energy solution.For electric ferries, one developing technology is Rapid Charging Systems (RCS), which transfer electrical power from the shore to a vessel at a high rate. These charging systems establish a ship-to-shore connection quickly…
SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction
Oilfield services giant SLB, until recently known as Schlumberger, on Monday introduced the EcoShield geopolymer cement-free system that it says minimizes the CO2 footprint of a well’s construction." This innovative technology eliminates up to 85 percent of embodied CO2 emissions compared with conventional well cementing systems, which include portland cement. The EcoShield system has the potential to avoid up to 5 million metric tons of CO2 emissions annually—the equivalent of removing 1.1 million cars from the road each year…
Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according to official figures provided to Reuters.The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021.
2023 Outlook: The Offshore Service Vessel Market
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed, but at its peak, in 2017, the oversupply of anchor handling tug supply- and platform…
MTR100: For USVs and AUVs, is it a Hydrogen Future?
Hydrogen has been making big headlines in the energy world. It’s one of the potential routes to deliver high density energy to transport and heavy industry – but also to marine applications, as well as a way to move and store renewable energy. Various uncrewed surface vessel (USV) developers, autonomous underwater vehicle (AUV) builders and even subsea power delivery system providers are taking a serious look – and even trialing – hydrogen as an option.SEA-KITThe Maxlimer hydrogen configuration.
Molten Salt Reactors: Maritime’s Nuclear Option
A race is being run by nuclear scientists and ship designers. The prize? “Decarbonization’s” holy grail — believed to be a “small” thorium-fueled, molten-salt rector’s unlimited power to propel sea trade. At the same time, a recently revived discussion among leading marine-nuclear thinkers revolves now around how to put an ultra-modern, as-yet non-existent marine reactor aboard a modern commercial vessel. As with nuclear power generally, shipborne reactors produce national discussion first, then discovery.
Cheniere Asks Biden Admin to Drop Pollution Rule
Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request imposes an uncomfortable dilemma on President Joe Biden’s administration as it tries to balance efforts to slash pollution from the fossil fuel…
Ineos Inks 20-year LNG Deal with Sempra Infrastructure
Britain's INEOS Energy, part of INEOS Group, has signed an agreement with U.S. firm Sempra Infrastructure for the supply of 1.4 million tonnes per annum of liquefied natural gas (LNG) from North America for 20 years, it said on Wednesday.It marks INEOS's entry into the global LNG market, with the volumes intended both for trading and supplying of INEOS' own industrial needs in Europe.The LNG will be delivered free-on-board, from either the proposed Port Arthur LNG Phase 1 project or the Cameron LNG Phase 2 projects in the U.S.
US Steps Up Heavy Crude Imports
U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.Higher heavy-crude imports are common in summer-driving months, but this year's increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices. The administration has asked for a parley to explore further efforts.Heavy crudes are cheaper than lighter shale oils produced in the United States and typically make more diesel and less gasoline.
BP Beefs Up Hydrogen Team in Bet on Fuel's Future
BP is beefing up its hydrogen management team as the energy company prepares to accelerate investments in the low-carbon fuel which it believes will play a key role in the world's shift away from fossil fuels.The revamp of the hydrogen team is the first clear sign of changes Anja-Isabel Dotzenrath, a former head of RWE Renewables, has made since becoming BP's head of natural gas and renewables in March.It also comes as BP announces it has agreed to buy a 40.5% stake and become operator…
Hydrogen at Risk of Being Missed Opportunity, According to DNV Report
Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too slow. Governments need to make urgent, significant policy interventions, according to a new report by DNV.In Hydrogen Forecast to 2050, DNV predicts the amount of hydrogen in the energy mix will be only 0.5% in 2030 and 5% in 2050. However, to meet the targets of the Paris Agreement, hydrogen uptake would need to triple to meet 15% of energy demand by mid-century.“Hydrogen is essential to decarbonize sectors that cannot be electrified…
Pick your Poison: NOAA Study Finds Less Air Pollution brings more Hurricanes
A new study from NOAA finds that reducing air pollution in North America & Europe brings more hurricanes; increased pollution in Asia reduces tropical cyclonesA NOAA study published in the journal Science Advances about four decades of tropical cyclones reveals the surprising result that reducing particulate air pollution in Europe and North America has contributed to an increase in the number of tropical cyclones in the North Atlantic basin and a decrease in the number of these storms in the Southern Hemisphere.
What to Expect from the US Offshore Wind Market This Year
After many false starts, the U.S. offshore wind market is building strong roots for a solid future. But as the market develops from its current northeast and mid-Atlantic niche new opportunities and challenges arise.The U.S. offshore wind market has long been seen as not delivering on its significant potential. With an offshore wind technical potential of more than double that of the country’s total annual electricity sales, the U.S. has long been seen as having the potential to be a major player in the global offshore wind market.
Yesterday’s or Tomorrow’s Offshore Energy: Which to Pick?
Looking back, it is easy to wonder if one could have done better by taking the other fork in the road. I grew up in Holland in a maritime family and am pretty sure I would have stuck with maritime there. In 1968, when I was 8 years old, my father left Holland America Line and joined the United States Salvage Association. At the same time, their main customer, the U.S. marine insurance industry, became heavily involved in the development of North Sea offshore oil and gas, and it resulted in an economic boom that made USSA’s Rotterdam office wildly profitable.
Wave Energy Developer Plots Strong Growth Plan in '22, IPO in '23
South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee…
Europe Remains Top Destination for US LNG
Europe last month remained the top destination for shipments of U.S. liquefied natural gas (LNG), according to Refinitiv data, outpacing exports to Asia for the second month in a row.About two-thirds of U.S. LNG volumes went to Europe last month, compared to around 61% in December when sky-high European prices and demand drove U.S. LNG exports to a record, Refinitiv data showed.In both months, a lack of supply drove demand and led to cargoes being re-routed from other destinations. The…
