Official: Argentina's energy subsidy cuts as government tackles fiscal deficit
Energy Secretary Eduardo Rodriguez Chirillo announced on Thursday that Argentina had reduced its energy subsides by $2.7 billion in the first seven month of the year, as part the government's aim to reduce its fiscal deficit. Rodriguez Chirillo, in a meeting held with officials from the energy industry in Houston, said that Argentina achieved a surplus of $2.9 billion between January and July. "Our mission with the new model is to allow the investor to design his (...) model and know that he can export," said Rodriguez Chirillo. At the same meeting…
Spanish PM calls on EU to reconsider tariffs against Chinese EVs
The Spanish Prime Minister Pedro Sanchez stated on Wednesday that the European Union should reconsider its proposed import tariffs for Chinese-made electric cars, and urged Brussels to avoid a trade conflict. Sanchez's remarks during a trip to China indicate a shift in Spain's stance, which had previously supported the tariffs. He also expressed concern over the potential impact of the EU-China Trade Spat on Spanish industry. "I must be honest, we all have to rethink our position. Sanchez, speaking at an event held in an industrial park of the Chinese city Kunshan, said that not only the European Commission but all the member countries must reconsider their position.
Poland's 2030 climate plan includes 56% renewable energy
The climate minister announced on Thursday that Poland aims to have 56% of its electricity come from renewable sources by 2030. She was presenting the draft national energy and climate plans, which Warsaw must submit to the European Commission. The target is lower than the pre-election promise of the largest party in government, that Poland would have upto 70% of green energy in the mix by 2030 but higher than the 50% Poland declared back in February. Paulina Hennig Kloska said at a press conference that "we are no longer fighting in government over the basic parameters of this plan.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully, the United States has long been blessed with tremendous sources of domestic energy that, if properly utilized, can protect us from suffering a similar energy-reliance disaster as experienced in Europe.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade.Exxon Chief Executive Darren Woods said in a media briefing the combination provides a big opportunity for synergies between the companies."We basically closed this deal fairly quickly…
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.Pioneer's shares rose nearly 12% to $240.47 in premarket trading on Friday while Exxon slipped 1.7%.Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp. and ConocoPhillips.
Ten Things to Consider When Choosing Your Digital Twin Provider
Kongsberg Digital’s Brian Sidle identifies the top ten things to consider when choosing a provider for cloud-based digital twins in the energy sector.The energy sector’s heavy asset operators stand to benefit greatly from a cloud-based digital twin, but successful digital transformation initiatives can be elusive – especially when it comes to sustaining long-term performance improvements. Whether the digital twin journey is driven by the CTO, CFO, or others within an organization, the right partner can significantly increase the probability of success in managing the process of change.Since digital transformation is top of mind for the industry…
Technip Energies Sets Up Green Hydrogen JV, Beats Quarterly Earnings Expectations
French oil and gas services group Technip Energies on Thursday announced a green hydrogen solutions joint-venture with Belgian group John Cockerill, while reporting stronger-than-expected first-quarter earnings. The need to combat climate change, along with Russia's invasion of Ukraine, have created opportunities for energy service firms, with increased investments in liquefied natural gas (LNG) and low-carbon energy sources as Western countries impose sanctions on Moscow's energy exports. The JV, named Rely, will be 60% owned by Technip Energies and 40% by John Cockerill, and aims to reach revenues of more than 1 billion euros by 2030, the group said.
Protecting Offshore Energy Sources via USV
When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime, or just to make a political statement.One need look no further than…
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks due to a growing belief that the country has more than enough gas in storage for the rest of the winter and expectations that Freeport LNG's liquefied natural gas (LNG) export plant in Texas is still weeks away from pulling…
Cheniere Asks Biden Admin to Drop Pollution Rule
Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request imposes an uncomfortable dilemma on President Joe Biden’s administration as it tries to balance efforts to slash pollution from the fossil fuel industry against promises to help European allies cut energy ties with Moscow over its invasion of Ukraine.Denying Cheniere could reduce America’s LNG exports for months or years…
Renewables Surged in 2020, but No 'Decisive shift' Towards Climate Goals Yet, BP Says
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…
ArcVera Gets IECRE Approval for Wind Power Performance Testing Services
ArcVera Renewables, a consulting and technical services for wind, solar, and storage projects, has received an approval by the International Electrotechnical Commission - Renewable Energy (IECRE) to operate as a Renewable Energy Testing Laboratory. IECRE is the IEC system for certification to standards relating to equipment for use in renewable energy applications."IECRE approval validates the quality of ArcVera’s wind turbine PPT processes and the thoroughness of its quality management system," ArcVera said.“With the achievement of IECRE accreditation…
OTC 2021 Postponed
One of the world's largest conferences and exhibitions dedicated to the offshore energy industry will be postponed next year due to the ongoing COVID-19 pandemic.The Offshore Technology Conference, which attracts tens of thousands of visitors to Houston annually, will be postponed from May 3-6 to August 16-19, the event's board of directors announced Monday, citing continued challenges and health and safety concerns presented by the pandemic."By postponing OTC to the second half of 2021, we aim to preserve the significant work of the program committee and authors…
Oil Industry Veterans to Launch Hydrogen Investment Fund
Two energy industry veterans plan to launch an investment fund focused on hydrogen this year as more and more governments include the niche fuel in their global warming battle plans.Hydrogen has long-been touted as a potential clean fuel as it only emits water vapour but it has failed to gain traction, mainly because of historically high production, transportation and storage costs.But with the European Union for one now looking to promote so-called green hydrogen to help reach net zero emissions, the sector is expected to attract hundreds of billions of dollars in investment in the coming decades.The new fund…
EU Hydrogen Plan Splits Supporters Down Color-coded Lines
Energy industry lobbyists and advocates of renewable hydrogen are divided over whether the bloc should support low-carbon hydrogen produced by fossil fuels ahead of a new EU strategy next month.The EU's executive Commission plans to publish its hydrogen strategy on July 8, which will form the basis for EU regulation and funding to scale up production of the fuel to replace fossil fuels in sectors including chemicals and transport.More than 30 industry groups and energy firms including ExxonMobil, Equinor and Uniper wrote to EU leaders - in a June…
Siemens Gamesa Confirms Fécamp Wind Turbine Deal
After EDF Renewables, Enbridge, and wpd on Tuesday announced the sanctioning of the $2,2 billion Fécamp offshore wind project in France, Siemens Gamesa has confirmed it has received the firm order for the supply of wind turbines for the project.The offshore wind turbine maker will deliver 71 SWT-7.0-154 offshore wind turbines each with capacity of 7 MW. Siemens Gamesa has also secured a 15-year maintenance contract for the 497 MW project located in Normandy.The turbines will be manufactured in the wind turbine plant Siemens Gamesa is to build in Le Havre…
Gastech Postponed for 2021
Gastech, one of the world's largest gas, LNG and energy industries events has been postponed for 2021 due to the COVID-19 pandemic.The event was expected to take place in Singapore in September this year, however, the organizers have now decided to delay the event to September 13 to 16, 2021.Organizers dmg events said the decision had been based on concerns around the global pandemic, accessibility and for the wellbeing of speakers, delegates, exhibitors and visitors. Nick Ornstien, Vice President Energy for dmg events, said: "The postponement of Gastech 2020 gives the gas…
GMS Fleet Utilization at 2015 High as More Middle East Work Secured
Gulf Marine Services PLC (GMS), a UAE-bases supplier of offshore jack-up service units, has won a seven-month contract for one of its E-Class (large) vessels, and an extension for a smaller unit.Under the 7-month contract which also includes extension options, GMS will provide support for offshore activities on behalf of a Middle East client, the company said Tuesday.The vessel will be mobilized for the start of operations during the summer of 2020. GMS has also secured a two-month contract extension of a K Class (small) vessel, also for a Middle Eastern-based client. "This increases the total GMS fleet utilization to 82% for 2020.
Saudi Arabia to Reduce Oil Production Further
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom to add 1 million barrels per day (bpd) - equal to 1% of global supply - to the previously announced cuts follows last week's phone conversation between U.S. President Donald Trump and Saudi Arabia's King Salman.Trump had worked last month to persuade Saudi Arabia, fellow OPEC members and Russia - a group known as OPEC+ - to cut oil output after a collapse in crude prices put heavy pressure on U.S.
