Equinor Q1 Beats Forecast
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT), adjusted for one-off items, fell to $4.2 billion in the first quarter from $4.4 billion during the same period of 2018, higher than a forecast of $3.9 billion in a Reuters poll of analysts.The company, which has a smaller refining business than rivals, fared slightly better than BP, Exxon Mobil , and Chevron which saw sharp declines in profits partly due to lower refining margins.Equin
UKCS Still Worth Investment Despite Brexit -Equinor
Norwegian oil and gas firm Equinor will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters.British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal, thrusting U.K.'s divorce from the EU into chaos, with possible options including a disorderly Brexit with no deal."We are putting more investments into the U.K. despite Brexit, the perception of North Sea as being very mature and dying and oil price gyrations…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement, which outlines a shift from fossil fuels this century.Equinor, formerly Statoil, is betting on offshore wind, leveraging its expertise in operating offshore platforms and its ability to scale up small projects into industrial ones.Last year Equinor opened the first floating offshore wind farm…
Statoil Eyes Britain's 2019 Renewable Subsidy Auction for Dogger Bank
Statoil is working with its partner SSE to develop the Dogger Bank offshore wind project so it can take part in Britain's renewable energy subsidy auction in 2019, the company said on Friday.The planned 4.8 gigawatt (GW) Dogger Bank project, which has approval from the British authorities, is set to become the world's largest offshore wind park and could deliver more than five percent of Britain's electricity needs, Statoil Executive Vice President Irene Rummelhoff said in London.Britain has replaced direct subsidies with a contracts-for-difference (CfD) system.
Dogger Bank Ownership Structure Announced
The ownership arrangements for the four consented Dogger Bank offshore wind projects have been agreed and signed by the three Forewind shareholders, innogy, SSE and Statoil. Offshore wind consortium Forewind was awarded consents for 4.8 gigawatt (GW) of offshore wind development at Dogger Bank in the North Sea in 2015. The consents comprised four individual 1.2GW projects. SSE and Statoil together will each own 50 percent of the three projects: Dogger Bank Creyke Beck A, Dogger Bank Creyke Beck B and Dogger Bank Teesside A. The remaining project, Dogger Bank Teesside B will be owned 100 percent by innogy.
Energy Island: Europeans Mull North Sea Hub
A plan set in motion by three European transmission system operators (TSO) aims to develop mammoth offshore wind farm infrastructure in the North Sea supported by at least one manmade island. First unveiled in June 2016, plans for the North Sea Wind Power Hub project will now press ahead to develop a large offshore renewable European electricity system following the signing of a trilateral agreement by TenneT TSO B.V. (Netherlands), Energinet.dk (Denmark) and TenneT TSO GmbH (Germany) in Brussels on March 23, 2017. Central…
Statkraft Eyes Distressed Assets After Offshore Wind Exit This Year
* Says still sees high interest for renewable energy in California and other state of the U.S. and willingness to continue putting up investment schemes, despite lack of clarify from the new U.S.
Statoil increases Share in UK Offshore Wind
Statoil and Statkraft have signed a letter of intent that Statoil takes over as operator of the Sheringham Shoal Offshore Wind Farm from January 2017. Statoil will also through this deal increase its share in the Dogger Bank projects. Sheringham Shoal is one of the world’s 10 largest producing offshore wind farms providing renewable energy to up to 220 000 UK homes. Located off the coast of Norfolk, it has been in operation since 2012 and has a capacity of 317 MW. “Taking over the operatorship for Sheringham Shoal represents a milestone for Statoil, as our first operatorship during commercial operations.
Statkraft Eyes Domestic Wind Investments
Norway's Statkraft is still considering investing in a 1,000-megawatt (MW) onshore wind power development at home despite scaling back its international ambitions to pay a full dividend, its chief executive said. Statkraft confirmed on Thursday it will not longer invest in offshore wind power projects, a decision that affects its planned participation in the Triton Knoll and Dogger Bank projects off Britain. The state-owned utility said it had to cancel investments because the government required it to pay a full dividend, revising a previous decision to allow Statkraft to retain 5 billion Norwegian crowns ($588 million) during 2016-2018.
Statoil Green Lights Floating Wind Farm Project
Statoil has made the final investment decision to build the world’s first floating wind farm: The Hywind pilot park offshore Peterhead in Aberdeenshire, Scotland. The decision triggers investments of around NOK 2 billion, realizing a 60-70 percent cost reduction per MW from the Hywind demo project in Norway. Statoil will install a 30 MW wind turbine farm on floating structures at Buchan Deep, 25 kilometers offshore Peterhead, harnessing Scottish wind resources to provide renewable energy to the mainland. The wind farm will power around 20,000 households. Production start is expected in late 2017.
Forewind Scales Back World's Largest Offshore Wind Project Plans
Forewind has scaled back by a third plans to build wind farms at Dogger Bank in Britain's North Sea, which could nevertheless become the world's largest wind project, it said on Friday. Forewind -- a consortium of energy companies RWE Innogy UK, SSE, Statkraft and Statoil -- gave no specific reason for the decision. It had secured licenses from Britain's Crown Estate to build six projects at the Dogger Bank offshore zone of 1.2 gigawatts (GW) of electricity each. The government has given consent for farms to be built at four of the sites but Forewind said on Friday it would not seek consent for the fifth and six.
Dogger Bank Wind Development Consents Total 4.8GW
Today’s planning approval for offshore wind energy at Dogger Bank takes the total of consented projects in the North Sea zone to 4.8 gigawatts (GW), almost equal to all the offshore wind capacity now in operation in the U.K. The consented development, Dogger Bank Teesside A&B is part of the Dogger Bank Zone, the largest of the Round 3 zones and the farthest from shore, but also one of the shallowest, with high wind speeds and seabed conditions ideally suited to offshore wind development. The consent is offshore wind consortium Forewind’s second approval following that of Dogger Bank Creyke Beck in February.
Renewables Consulting Group Adds 2 Execs
Two executives from the renewables industry have been appointed by The Renewables Consulting Group (RCG) to oversee the firm’s day-to-day business, develop its global growth strategy and direct short- and long-term planning for the company. Sebastian Chivers has taken up the role of chief executive officer, and Dr. Lee Clarke as chief operating officer. The duo brings deep industry expertise, particularly in the areas of strategy and management, and together will spearhead the delivery of new, top-tier and cost-effective solutions for the consultancy’s clients, the group said.
Offshore Wind Zone Core Samples Donated to Science
The wider scientific community is set to benefit from offshore wind developer Forewind’s years of surveys and research, as the organization donates all the core samples collected on Dogger Bank to a national science facility Monday, June 8, 2015. The core samples, cylindrical soil sections extracted from the seabed, will be entrusted to the National Geological Repository (NGR), located at the British Geological Survey headquarters in Nottinghamshire, for use by anyone with an interest, from consultants and contractors to academics and students researching within a wide range of earth sciences.
Britain Approves World's Largest Offshore Wind Farm
Britain's energy ministry has approved the Dogger Bank Creyke Beck offshore wind project, the world's biggest offshore wind park, it said in a statement on Tuesday. It gave no further details. The wind project, located in the British sector of the North Sea, is being led by Forewind - a consortium comprising SSE , RWE, Statkraft and Statoil . It will comprise up to 400 turbines totalling 2400 megawatts (MW) in capacity, enough electricity for almost 2 million homes. A decision on Forewind's second application, for Dogger Bank Teesside A and B, is expected in August this year.
Offshore Wind Farms the Future
Wind farms will be built more and more in shallow seas, from China to the United States, as the industry imitates oil firms and moves offshore, the head of Europe's largest generator of renewable energy said on Tuesday. Statkraft Chief Executive Christian Rynning-Toennesen also said climate change was forcing a rethink of hydro-electric dam and wind turbine design to ensure they could withstand ever more extreme rainfall and wind linked to global warming. Oslo-based Statkraft, which operates in 20 nations, generates about 55 terawatt-hours (TWh) annually and is Europe's top producer of hydro power.
UK Throttle Back on Two Offshore Wind Projects
Forewind, in agreement with The Crown Estate has revised the current development potential for the total capacity of the wind energy projects in the Dogger Bank Zone from 9 gigawatts (GW) to 7.2 GW. At the same time, the consortium behind London Array has announced it will not proceed with the development of Phase 2 of the offshore wind farm. The revision has been made following more than four years of offshore and onshore surveys and assessments, which have concluded that the organisation's focus should be on those projects which are most likely to achieve a positive financial investment decision at this time.