Monday, May 25, 2020

Emelia Sithole News

U.S. Tops List of Most Attractive Countries for Renewables Investments. Overtakes China

Illustration only; Image by bphoto - AdobeStock

The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.In an annual ranking of the top 40 renewable energy markets worldwide by consultancy EY, the United States was ranked first for the first time since 2016, followed by China.U.S. growth was largely due to a short-term extension of a production tax credit for wind projects and plans to invest $57 billion to install up to 30 gigawatts (GW) of offshore wind by 2030…

Russian Pipe-laying Vessel Moors at Nord Stream 2 Hub in Germany

© Sergei Skriabin/ MarineTraffic.com

A Russian pipe-laying vessel Academic Cherskiy which Moscow can use to finish laying pipes for the Nord Stream 2 gas project, has moored near the German logistics hub in Mukran, Refinitiv Eikon tracking data showed on Monday.Led by the state gas company Gazprom, Nord Stream 2 had to suspend pipelaying works late last year, hit by fresh U.S. sanctions. The project is aimed at doubling existing undersea flows to Germany to 110 billion cubic meters per year.Cherskiy, bought by Gazprom in 2016, has sailed from the Russian Pacific port of Nakhodka where it was docked in December when the U.S.

TRIG Buys Share in German Offshore Wind Farm

For illustration only - Angela Rohde/AdobeStock

London-listed The Renewables Infrastructure Group (TRIG) said on Friday it has completed the acquisition of a 36% stake in a 396 megawatt (MW) offshore wind farm in the German North Sea.Commercial operations commenced in June 2019 at the Merkur wind farm and the project benefits from a feed-in tariff for the next 13 years.Dutch pension investor APG has acquired the remaining 64% in the project. Financial details were not disclosed.TRIG also said it has exited from a Swedish onshore wind project…

IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall

Image by Grispb/AdobeStock

Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690,000 bpd compared to last month.Around 2.8 billion people will be living under confinement measures aimed at containing the novel coronavirus at the end of May, down from 4 billion in April…

Sechin to Stay at Rosneft's Helm for 5 More Years - Vedomosti

Igor Sechin - Image: Kremlin.ru

The Russian government has extended a contract for Igor Sechin, a close ally of President Vladimir Putin, to stay as the chief executive officer of giant oil producer Rosneft for five more years, Vedomosti daily reported on Wednesday.The daily, citing three people familiar with the situation, said the government signed the order to extend Sechin's contract a few days ago.It said that a "federal official" has confirmed that the decision was approved by the government.Sechin, known for his criticism of the Organization of the Petroleum Exporting Countries, has been the CEO of the company since 2012.

Snam Sees Limited Impact from Coronavirus on Targets

(Photo: Snam)

Italian gas company Snam can't reliably calculate the effects of the coronavirus pandemic on its business outlook but doesn't see any major impact, it said on Thursday."The company expects a limited impact on its economic targets and to the investment programme, proportional to the speed of recovery of operations," it said in a statement on first quarter results.Europe's biggest gas pipeline company has put in place emergency measures to ensure it can keep gas flowing during the virus outbreak.In its quarterly results statement…

Wartsila Says Share of Renewable Energy Up Rapidly Amid COVID-19

Finnish ship technology and power-plant maker Wartsila said on Tuesday the coronavirus outbreak has caused the share of renewable energy in Europe's power production to increase rapidly.The pandemic has caused demand for electricity to fall across Europe, Wartsila said, according to data it collected and analysed.Countries such as Germany, Spain and Britain have had to temporarily shut down coal-fired power generation, causing the share of renewable energy to increase rapidly in the power mix."Take Germany last week…

Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever

Image by Destina - AdobeStock

China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States.The world's largest crude importer is boosting U.S.

China to Launch State Pipeline Group

© Xiangli / Adobe Stock

China plans to launch its long-awaited national oil and gas pipeline company on Monday, part of a sector-wide reform aimed at providing fair market access to infrastructure and boost investment in oil and gas production.Most of the country's pipeline infrastructure is controlled by energy giant PetroChina, CNPC's listed arm, and small, non state-owned oil and gas producers and distributors often don't have access to the pipelines at competitive rates, analysts have said.This also hinders companies from investing in oil and gas exploration as they are concerned about access to the pipelines.Beijing started conside

Mitsubishi Beats Shell to Buy Eneco

(Photo: Eneco)

A group led by Japan's Mitsubishi Corp will buy Eneco in a deal valuing the Dutch energy firm at 4.1 billion euros ($4.52 billion), Eneco said on Monday, beating off rival bids from Shell and private equity firm KKR.Eneco, a company owned by 44 Dutch municipalities and with a strong focus on renewable energy, said it had been swayed by Mitsubishi's plans to allow the company to continue its strategy and retain its corporate identity.The deal, backed by Eneco's boards and a committee representing shareholders…

US DOJ Closes Eni Investigations

Eni CEO Claudio Descalzi (Photo: Eni)

The U.S. Justice Department has closed its investigations into alleged corruption by oil major Eni in Nigeria and Algeria without taking any action, the Italian energy group said on Tuesday.Eni, the biggest foreign oil and gas producer in Africa, is currently on trial in Milan on graft allegations revolving round the acquisition of a giant Nigerian oilfield in 2011.In that case Eni and peer Royal Dutch Shell are accused of buying the OPL 245 offshore field for about $1.3 billion in a deal that…

Nigerians Pursue Shell Spill Case in the UK

© chris2766 / Adobe Stock

The Supreme Court in London will hear an appeal by Nigerian farmers and fishermen to pursue claims in England against oil major Shell over oil spills in the Niger Delta, lawyers for the two affected communities said on Wednesday.The decision to hear the appeal re-opens the possibility for British multinationals to be held liable at home for their subsidiaries' actions abroad.

Putin Says Wind Power Harmful to Birds and Worms

© juerpa68 / Adobe Stock

Russian President Vladimir Putin questioned on Tuesday the use of wind power, saying wind turbines were harmful to birds and worms.Russia, a world-leading producer of fossil fuel, is lagging other countries in its development of renewable energy sources, such as solar and wind-powered energy.Wind power is rarely used in the country to generate electricity. Enel Russia pledged 90 million euros to build a power generation facility by 2024 with a capacity of 71 megawatts."Wind-powered generation is good, but are birds being taken into account in this case?

Shell, Exxon Eye Somalia's Offshore

© Mark Rubens / Adobe Stock

Royal Dutch Shell and Exxon Mobil are looking to return to Somalia ahead of an oil block bid round later this year, the East African country's oil ministry said.Shell and Exxon Mobil had a joint venture on five offshore blocks in Somalia prior to the toppling of dictator Mohamed Siad Barre in the early 1990s.The country has been mired in insecurity since Barre left and is battling Islamist group al Shabaab that frequently carries out bombings in the capital Mogadishu and elsewhere in the country.The…

E.Timor, Australia to Ratify Maritime, Gas Deal This Year

East Timor and Australia are set to ratify a maritime border treaty, which regulates how the two countries will share revenue from the offshore Greater Sunrise natural gas field, later this year, East Timor's foreign minister said.Dionisio Babo Soares told Reuters on Tuesday the ratification could take place on Aug. 30, the anniversary of a referendum that gave the small Pacific nation, one of the world's poorest, its long-awaited independence in 1999.Signed in March 2018, the historic treaty resolved a long-running dispute over the Timor Sea border…

Okea's IPO Falls Short

Gjøa platform (File photo: Equinor)

Norwegian oil firm Okea has raised 315 million crowns ($36 million) in an initial public offering, the company said on Monday, less than half of what it had initially planned due to a fall in the oil price.Europe's oil and gas sector has built up a crowded pipeline for stock market flotations but investors are cautious given a bumpy recovery following the 2014 downturn and uncertainty over long-term oil demand as the world transitions to cleaner energy.Okea had to extend its bookbuilding period for a week and lower its IPO price to 21 crowns per share…

Oil Prices Fall After Trump's Tariff Threat Against China

© Jim / Adobe Stock

Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel, having earlier hit its lowest since April 2 at $68.79.Trump said on Twitter on Sunday that he would hike U.S.

Equinor Q1 Beats Forecast

The Johan Sverdrup oilfield in the North Sea is on track to start production in November (Photo: Arne Reidar Mortensen / Equinor)

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

Trump, Saudi Arabia at Odds Over Oil Price

(File photo: Official White House photo by Shealah Craighead)

U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.In keeping with his iconoclastic approach to governing, Trump has kept up a public commentary on oil prices and the role of Saudi-led OPEC in messages on Twitter as well as television interviews.So far in 2018/19, the president’s interventions have revealed his preference for…

Orinduik Partners to Drill 2nd Well Off Guyana

Stena Forth (Photo: Stena Drilling)

Partners Tullow Oil, Total and Eco Atlantic have chosen the Joe prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday.Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.The well will be drilled with the Stena Forth drill ship in mid-July moving on from the Jethro Lobe well in the same field."Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success...