Thursday, February 29, 2024

Energy Demand News

Future Fuels: 275 Altenative Fuel Ships Ordered in 2022

MAN ES will start testing its ammonia fueled engine in Q1 2023, and on Maritime Reporter & Engineering News' recent visit to
the MAN ES R&D center in Copenhagen, Bjarne Foldager, Senior Vice President, head of two stroke business at MAN ES, said he
sees a rapid uptake on methnol in the coming years, with 2035 anticipated as a 'tipping point' toward ammonia. Photo of
the MAN ES ammonia engine. Look for the full report in the January 2023 edition of Maritime Reporter & Engineering News. Im

The total number of ships with alternative fuels ordered in 2022 was 275 (excluding battery operated vessels), according to  numbers released today from DNV viat its Alternative Fuels Insight report.In addition, more than 50 LPG carriers have been ordered with LPG dual fuel systems. Predictably, LNG led the way with 222 ships or 81 % of total orders. Seventy-four percent of these orders were for container vessels and Pure Car and Truck Carriers (PCTCs), while product tankers came in third representing 9 % of orders.

2023 Outlook: The Offshore Service Vessel Market

Copyright Ramon Cliff/AdobeStock

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 supply vessels was in excess…

Has Green Hydrogen Sprung a Leak?

©Andreas Prott/AdobeStock

The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. Two scientists told Reuters that if 10% leaks during its production, transportation, storage…

Hydrogen at Risk of Being Missed Opportunity, According to DNV Report

Remi Eriksen, Group President and CEO of DNV. Image courtesy DNV

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…

Demand Grows for OSVs in the Offshore Floating Production and Storage Energy Sector

Copyright Igor Kardasov/AdobeStock

Over the last year we have seen an upswing in floating production and storage systems ordering after many years of low activity. According to our colleagues at World Energy Reports, “The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector has seldom been stronger.”  This increased activity in the floating production and storage segment has a direct…

Cheniere Asks for More Time to Build Texas Corpus LNG Expansion

© scandamerican / Adobe Stock

Top U.S. liquefied natural gas (LNG) exporter Cheniere Energy Inc asked federal regulators to extend the amount of time it has to build the proposed Stage 3 expansion at its Corpus Christi LNG export plant in Texas due to pandemic delays.When the U.S. Federal Energy Regulatory Commission (FERC) approved construction of Stage 3 in November 2019, the regulator gave Cheniere five years, or until around November 2024, to complete the project.Cheniere asked FERC in a filing late Tuesday to extend the amount of time it has…

Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B

The Manifa field is designed to produce Arabian Heavy crude oil, sour gas, and hydrocarbon condensate. Photo courtesy Aramco

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.

Renewables Surged in 2020, but No 'Decisive shift' Towards Climate Goals Yet, BP Says

Credit:dvoevnore/AdobeStock

Wind and solar power capacity expanded rapidly in 2020 while global energy demand cratered because of the pandemic, yet this did not yet reflect a "decisive shift" towards meeting U.N.-backed climate goals, BP said in its annual energy review.Last year witnessed the biggest fall in carbon emissions in more than 75 years, putting the world closer to the path needed to hit a target of keeping global warming below 2 degrees Celsius this century, BP's 2020 Statistical Review said."Importantly, there was no sign of the decisive shift envisaged" by the less than 2 degrees Celsius scenario…

Inside the Red-Hot Offshore Wind Energy Market

Louis Dreyfus Armateurs owned SOV Wind of Change. Photo courtesy Cemre Shipyard

As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale, World Energy Reports (WER), in its report “2021 The Year When Offshore Wind Takes Off in the United States,” shows the anticipated growth trajectory. Service Operations Vessels (SOVs), which can commission and/or maintain turbines, are central to the plan, and Philip Lewis…

Exxon to Lay Off 300 Workers in Singapore

TimeStopper

Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic, it said on Wednesday.About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a statement.The Singapore layoffs come weeks after Exxon announced its plan to close its 72-year-old Altona refinery in Australia and convert it to an import terminal. The top U.S. oil producer…

ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus

© frank peters/AdobeStock

Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel. Both contracts finished February 18% higher."The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points…

U.S. drillers Add Oil and Gas Rigs for 4th week in a Row

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.That was still 467 rigs, or 57%, below this time last year.The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940.U.S.

Video: The Floating Production Market Faces Headwinds, But Opportunities Exist

© Igor Kardasov / Adobe Stock

There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright. Still, around 60 units are expected to be ordered by 2025, per World Energy Reports.In an interview for Offshore Engineer TV on the outlook for floating production systems, Jim McCaul, head of International Maritime Associates and World Energy Reports…

GIEK Doubling Down on Offshore Wind

Wenche Nistad, CEO of the Norwegian Export Credit Guarantee Agency (GIEK),

Tasked to provide the financial power to help Norwegian companies export their wares to the world, Wenche Nistad, CEO of the Norwegian Export Credit Guarantee Agency (GIEK) pulls no punches when asked about the appetite for investment in traditional offshore oil and gas today: “The money has disappeared; nobody wants to invest in oil and gas anymore; it’s all about renewable energy.”While GIEK’s guarantees to offshore wind total only about $500 million today, a scant portion of its cumulative portfolio, the offshore wind portion has quadrupled in value since the end of 2019.

Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand

© Ricochet64 / Adobe Stock

ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company earlier outlined more than $10 billion in budget cuts this year."The impact of COVID-19 on the demand for ExxonMobil's products has increased the urgency of the ongoing efficiency work…

Saudi Aramco's Profit Plunges, Sees Signs of Recovery

(Photo: Saudi Aramco)

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.Aramco…

Opinion: Egypt Banks on Renewables to Meet Expected Energy Demand Surge

Photo courtesy: Wärtsilä Energy Business

To meet its soaring demand for energy, Egypt is turning to renewable sources. Its targets, if accomplished, will see it become a pioneer in the African energy landscape. But are the plans realistic?Egypt’s population has now passed 100 million. As one of the most populous and fastest-growing nations on the African continent, providing electricity to all its citizens is a matter of priority for the Egyptian government.To ensure continuous security and stability of energy supply, Egypt has launched an energy diversification strategy…

China: BP, ENN Sign 300,000t a Year Gas Supply Deal

Image Credit: BP

British oil major BP has signed a gas supply agreement with China's ENN Group (ENN) for the supply of 300,000 tonnes per year of pipeline gas re-gasified from LNG for two years from January 1, 2021, in Guangdong, China. The LNG will be received and re-gasified through the LNG receiving terminal of Guangdong Dapeng LNG Company Limited (GDLNG) where BP holds regasification capacity. Dev Sanyal, executive vice president of BP gas & low carbon energy, said: “Our strategy is to integrate energy value chains and, with this transaction…

US LNG Exports at 20-month Low

(File photo: Freeport LNG)

Natural gas flows to U.S. liquefied natural gas (LNG) export plants plunged this month after falling to a 20-month low in June as coronavirus lockdowns cut global demand for the fuel.Before the pandemic slashed energy demand, U.S. producers counted on LNG exports to keep growing fast as an outlet for their record gas output. But after soaring 68% in 2019 and 53% in 2018, U.S. LNG exports were only expected to rise about 7% in 2020.Gas pipeline flows to U.S. LNG export plants dropped to an average of 3.1 billion cubic feet per day (bcfd) so far in July from a 20-month low of 4.1 bcfd in June and a record high of 8.7 bcfd in February…

DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019

Illustration by freshidea / AdobeStock

Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic."Lasting behavioral changes to travel, commuting and working habits will also decrease energy usage and lessen demand for fossil fuels from the transport sector as well as from iron and steel production…