Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies cut capital spending and costs in 2016 after the price of benchmark Brent crude fell to a 12-year low of below $30 a barrel.Helped by output cuts by Organization of the Petroleum Exporting Countries and its allies…
Shell Joins Dutch Pension Fund to Bid for Eneco
British-Dutch oil and gas company Royal Dutch Shell and Dutch pension fund manager PGGM are considering a joint bid for Dutch producer and supplier of natural gas Eneco, which is heavily invested in sustainable energy projects and worth an estimated USD 3.4 bln.This consortium is impressed with Eneco’s achievements in transforming the Dutch energy system through investments in sustainability and renewable energy. PGGM and Shell combine the knowledge, ambitions and financial commitment to build on Eneco’s sustainable strategy and…
Eelectrification: Re-engineering a Low-carbon O&G Industry
Cleaner and greener: Azeez Mohammed, president & CEO of GE's Power Conversion business, discusses the key role of electrification technology in decarbonizing the oil and gas value chain.The renewables revolution is in full swing. However, renewable energy alone will not be sufficient to meet EIA’s forecast of a 28 percent increase in world energy use to 2040. And that’s despite its prediction in the same report that wind, solar, hydro and other clean technologies will collectively be the fastest-growing energy source over that period when their global consumption will increase by an average 2.3 percent each year.The oil and gas (O&G) industry…
Shell Acquires 26% Stake in Hazira LNG
Royal Dutch Shell announced that it has completed the acquisition of French oil major Total SA's 26 percent stake in the company that operates 5 million tonnes per annum-Hazira LNG terminal in Gujarat, India."Shell Gas, a subsidiary of Royal Dutch Shell plc, acquired 26% equity interest in the Hazira LNG and Port Ventures from French energy major Total Gaz Electricité Holdings, to complete the acquisition," said a press statement.The move allows Shell to build an integrated gas value chain: supply from its global LNG portfolio, regasification at the Hazira facility, and downstream customer sales.
EDF, Shell Form JV for New Jersey Offshore Wind
The independent power producer EDF Renewables North America and Shell New Energies US, offshore wind company in the U.S, have formed a 50/50 joint venture, Atlantic Shores Offshore Wind to develop a lease area within the New Jersey Wind Energy Area (WEA).The area, spread over 183,353 acres and located off the coast of Atlantic City on the U.S. Outer Continental Shelf (OCS), has the potential to produce about 2,500 megawatts of offshore wind energy - enough to power close to one million homes, EDF said in a statement.“Shell has bold ambitions to grow our renewable power business and we see great potential in U.S.
LNG Shipping Market in Recovery Stage: Flex LNG
Norwegian-born billionaire John Fredriksen-owned LNG shipper Flex LNG believes that the LNG market is in the early stages of a multi-year recovery.According to a report by Flex LNG, the market for seaborne transportation of LNG has improved significantly during the third quarter with the primary driver being the nearly 50 per cent year on year growth in imports to China.Additionally there is high demand growth in other more mature markets such as South Korea and Taiwan.Flex LNG pointed out that Bloomberg New Energy Finance estimate demand growth of approximately 8.5% in 2018…
Petronas Sets Up Team for Renewables Push
Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.Jay Mariyappan told an industry forum that the…
Babcock Delivers World's Largest LNG Bunker Supply Vessel
Babcock International is celebrating the completion of its ‘first of its kind’ and the world’s largest liquefied natural gas (LNG) bunker supply vessel, M.V. Kairos, as it is delivered to Babcock Schulte Energy (BSE).BSE is a 50:50 joint venture between Babcock and Bernhard Schulte Shipmanagement (BSM)."This achievement follows the success in meeting a series of critical programme milestones after initial ship award in December 2016 and highlights the strength of the relationship between the two organisations," said a press release from the UK-based company.A major point in any shipbuilding project…
Natural Gas is Here to Stay, Big Oil Says
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.Still, they see oil, and specially natural gas, the least polluting fossil fuel, playing a major role throughout the decades of transition and beyond as demand for electricity and plastics grows."Shell's core business is…
DNV GL Launches Operations & Analytics Centre in India
DNV GL, the world’s largest independent energy advisory and certification body, has launched a new Global Operations & Analytics Centre for renewable assets located in Bengaluru, India.The new centre will work in tandem with DNV GL’s existing UK Operations Control Centre in Glasgow, to offer seamless 24/7 monitoring services that aim to strengthen performance and operational efficiencies of renewable assets alongside detecting, analysing and predicting failures.DNV GL’s recently published Energy Transition Outlook report forecasts that by 2050, 80% of global electricity production will come from renewables.
Panama, U.S. to Sign Pact to Expand Regional Access to LNG
Panama on Friday will sign an agreement with the U.S. Treasury and Energy departments aimed at paving the way for more private investment to expand the importation and distribution of U.S. liquefied natural gas in Latin America.David Malpass, Treasury undersecretary for international affairs, said he hopes the "framework agreement" is the first of several with countries in the region to encourage investment to increase access to cheaper, cleaner energy.The agreement is part of a Treasury-led initiative called America Crece, incorporating the Spanish word for growth, aimed at boosting U.S.
Harvey Gulf Emerges From Chapter 11 Proceedings
Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full.
DNV GL Unveils Renewable Energy Data Platform
DNV GL is launching GPM Horizon, a data monitoring platform with full integration of current and future renewable energy systems including solar PV, wind and energy storage assets. GPM Horizon enables future-proof fleet management by bringing digitalization technologies and integrated renewables systems together in one platform, which are the key drivers for the global energy transition.Global energy forecasters, including the International Energy Agency, foresee a rapid growth in renewable sources. In its 2018 Energy Transition Outlook DNV GL forecasts that by 2050…
DNV GL Advises on Acquisition of UK's Wind Farm
DNV GL secured a leading role as technical advisor to GVO Wind Ltd and Bluemerang Capital Ltd, supporting the sale of an 80% stake of the 26.1 MW Ventus portfolio of wind projects. Ventus is the UK’s largest portfolio of feed-in-tariff wind turbines, comprising 53 operational projects located across the UK. The portfolio was acquired by Malaysian power utility Tenaga Nasional Berhad (TNB). This is TNB’s second acquisition in the UK, which brings its renewables portfolio to a total capacity of approximately 280 MW. DNV GL conducted…
Shell: LNG Supply Shortage Possible as Demand Surges
The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook, published in 2017. Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon. Japan remained the world’s largest LNG importer in 2017, while China moved into second place as Chinese imports surged past South Korea’s.
Shell in Buying Spree for Clean Energy
Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company's $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses. The investments are not limited to renewables such as biofuels, solar and wind.
Some Investors Sense Opportunities in Big Oil
Link between oil prices and energy stocks disrupted; uncertainty remains over crude revival, electric car effect. Investors are gaining confidence - up to a point - that 2018 will be the year of oil stocks. While shares in top energy companies have risen since mid-2017, they have failed to keep step with recovering crude markets, opening up a historically unusual performance gap. Big oil stocks have also underperformed broader equity indexes. Uncertainty over whether the crude rally can stick and fears that advances in electric vehicles will undermine longer-term demand for oil still overshadow the sector.
Exxon Mobil Vietnam Gas Project Could Start in November
Exxon Mobil Corp's Blue Whale gas project, Vietnam's biggest, could start in November, Vietnam Television (VTV) reported on Tuesday. The Blue Whale field has an estimated 150 billion cubic metres of reserves. Prime Minister Nguyen Xuan Phuc told Exxon Mobil on Tuesday he hoped to have the project starting officially at an Asia-Pacific Economic Cooperation summit in November when U.S. President Donald Trump and U.S. government officials are expected to attend, state-run VTV reported. Vietnam is trying to switch to cleaner energy from coal-fired power plants. The country is also planning solar and wind power plants.
BP, Rosneft Agree to Cooperate in Gas Business
Rosneft and BP have signed an agreement on strategic cooperation in gas and a Memorandum of Understanding (MoU) in respect to the sale and purchase of natural gas in Europe. The two companies agreed to develop integrated cooperation in gas and aim to jointly implement gas projects in Russia and abroad focused on gas exploration and production, LNG production, supply and marketing. Rosneft and BP also reconfirmed their mutual interest in cooperation in European gas marketing. According to the MoU, Rosneft and BP's wholly-owned subsidiary…
Shell Opens Technology Center in Bangalore
Shell has opened a new major technology hub in Bangalore, India, expanding the company’s R&D activities in Asia. The 52-acre, custom built technology center can house up to 1,500 experts working collaboratively on innovative projects worldwide. Shell Technology Center Bangalore (STCB) brings together R&D staff who previously worked at separate locations in Bangalore and also provides additional space for high-tech innovation and demonstration facilities. By housing all R&D staff in Bangalore in one center, the technology hub will create new opportunities for multidisciplinary collaboration, and drive relevant and affordable innovations.