Sunday, April 5, 2020

Energy News

RWE Sanctions 342 MW Offshore Wind Farm Project

Image Credit: innogy

RWE, Europe's third-largest renewables group, has taken a final investment decision for a 342 megawatt wind project off the German coast, its green energy unit said on Friday.Contracts…

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

Image by OSORIOartist - AdobeStock

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil…

EU Funds Floating Wind Turbine Project in Norway

Illustration - Credit: Olav Olsen

The European Union has granted funds to an international consortium led by Spain's Iberdrola, to install and test a floating wind turbine in Norway.Norwegian Offshore Wind Cluster said…

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Illustration by namning AdobeStock

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT.

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

© Pavel Ignatov / Adobe Stock

Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi…

Centrica Pauses Spirit Energy Sale, Scraps Dividend. Shares Hit Record Low

Photo: Spirit Energy

Britain's largest energy supplier Centrica canceled its 2019 dividend and cut costs in anticipation of an increase in nonpayments by customers and a drop in demand due to the COVID-19 outbreak…

Vattenfall Pulls Out of Dutch Offshore Wind Tender

Illustration; A wind farm in The Netherlands - Image Credit: Kruwt - AdobeStock

Swedish utility Vattenfall will not take part in a Dutch tender for a 700 megawatt (MW) offshore wind farm in the North Sea because of the uncertainty created by the coronavirus pandemic…

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping…

Belgium: Offshore Wind Farms Break Record

Image Credit; Belgian Offshore Platform

Offshore wind farms in the Belgium North Sea had a record winter when it comes to electricity production.According to the Belgian Offshore Platform, during the Nov 2019 – March 2020 winter period…

BP Cuts Spending by Quarter, Lowers Oil production

BP CEO Bernard Looney - Credit: BP

BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the coronavirus…

Deutsche Bucht Offshore Wind Project Fully Complete

Credit: Northland Deutsche Bucht

Canada-based Northland Power has informed that its 252 megawatt (MW) Deutsche Bucht offshore wind project in Germany has achieved full completion.The offshore wind project is located in the North Sea…

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…

Minesto Gets OK for Tidal Kite Installation in Faroe Islands

Image Credit: Minesto

Marine energy developer Minesto has said it been granted all necessary permits and consents for the installation of two grid-connected tidal kite systems in Vestmannasund, Faroe Islands.The…

Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal

A GMS self-elevating rig - Image credit: GMS

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London…

ABS to Class Silver Eagle's New Jack-Ups

ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of "highly innovative Self-Elevating Drilling Units (SEDU)" for Silver Eagle Global.Silver Eagle…

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts.

Italian Marine Cable Laying Firm to Cut Dividend

Cable Enterprise cable laying vessel. Image credit: Prysmian

Italian marine cable installation company Prysmian plans to cut the dividend by 50 percent, citing the effect of the coronavirus pandemic and its effects on the global economy.Citing the…

Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks

Image by Rawf8 - AdobeStock

Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year…

Opinion: COVID-19, Climate Change ... & Changing the World, Together

Asbjørn Halsebakke, Product Manager, Yaskawa Environmental Energy / The Switch

Our planet is facing its greatest challenge, and it’s not coronavirus. Asbjørn Halsebakke, Product Manager, Yaskawa Environmental Energy / The Switch, ponders how greater political action…

Yamal LNG Resumes Loading Operations in Norway

(File photo: Novatek)

Yamal LNG, controlled by Russia's largest liquefied natural gas (LNG) producer Novatek, is resuming ship-to-ship transfers in Norway, Novatek said on Monday, after plans to shift the operations…