Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies cut capital spending and costs…
China’s Oil and Gas Industry to Focus on Environment Impact
China’s oil and gas industry is set to reinforce efforts to reduce environmental impacts of its projects and operationsin 2019, said a research.According to a new research from DNV GL, six in ten (61%) senior oil and gas professionals in China say their organizations are actively preparing for the transition to a lower carbon energy mix compared to 51% globally. Industry leaders’ focus on decarbonization aligns with the Chinese…
Italy to Block Exploration Permits
The Italian government is planning to block the issuing of about 36 permits to look for oil and gas as part of plans to cut the country's carbon footprint, the industry ministry said on Wednesday.In a statement the ministry said upstream oil and gas activity in Italy was not of strategic importance for the country.Some industry experts say Italy is sitting on some of the biggest reserves in Europe, but red tape has scuppered exploration for years.Italy's domestic gas production accounts for only 7.5 percent of its needs while its
LNG to Fuel Central American Plant
Finnish technology group Wärtsilä said it recently started site work for a new 378 megawatt power plant in El Salvador, Central America to be fired by liquefied natural gas (LNG).The technology group said that this facility, ordered by Energía del Pacífico, will be the largest and most efficient power plant in El Salvador, and one of the first in Central America to be fired by liquefied natural gas (LNG). The installation will feed electricity to the national grid.
Atkins Wins French Offshore Windfarm Contract
Atkins, a member of the SNC-Lavalin Group, has been appointed to deliver the Front End Engineering Design (FEED) and Detailed Design of wind turbine jacket substructures for St Brieuc Offshore Windfarm, located off the coast of Northern France.The design, engineering and project management consultancy said that the windfarm is being developed by Ailes Marines, a consortium of Iberdrola, Renewable Energy Systems (RES) and Caisse des dépôts.The scope of work includes the design of 62 jackets for the Siemens Gamesa 8MW turbines…
China's LNG Imports Hit Record High
China's imports of liquefied natural gas (LNG) in November surged to a new record as the country briskly promotes the green fuel to clean its energy mix, said a report in Xinhua.In November, LNG imports totaled 5.99 million tons hitting a new record, rising 48.5 percent year-on-year, according to figures from the General Administration of Customs released over the weekend. The previous record was 5.18 million tons set in January this year…
Trafigura Boosts LNG Volumes by 22%
Geneva based commodity trading company Trafigura increased its liquefied natural gas (LNG) traded volumes by 22% to 9.9 million mt in its financial year ending September 30 2018, driven by sales to China and South Korea, with the Asian share of our LNG business jumping to 30 percent.According to the annual report from the multinational commodity trading company, which is legally registered in Singapore, the big story in the LNG market in 2018 was a surge in demand in Asia.
Poland Sees First Nuclear Power After 2030
Poland expects its first nuclear power plant to start operating after 2030 as the country aims to cut its use of coal in producing electricity, Deputy Environment Minister Michal Kurtyka said.The east European country, which hosts global climate talks in December, generates around 80 percent of its electricity from coal in outdated power plants, many of which will have to close in the coming decade.Poland has considered building a nuclear power plant for years…
MENA Region to Lead Global Oil and Gas for Decades to Come: DNV GL
The world will need less energy from the 2030s onwards, but it will still require a significant amount of oil and gas in the lead-up to mid-century according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050.The report says, the Middle East and North Africa (MENA) region will remain the main global supplier of oil and gas for decades to come."Among its forecasts for 10 global regions…
ADNOC LNG Wins Extension of Gas Supply Contract to 2040
The Abu Dhabi National Oil Company (ADNOC), has agreed, in principle, to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total.The the state-owned oil company of the United Arab Emirates said that the new gas supply agreement is scheduled to take effect from April 1, 2019, replacing an existing agreement, due to expire on March 31, 2019.The extension…
Oil and Gas Demand to Peak in 2023 and 2034: DNV GL
The oil and gas demand will peak in 2023 and 2034, respectively, according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050However, new oil fields will be needed until at least the 2040s, while new gas developments will be required beyond 2050. DNV GL’s Outlook predicts that operators will favour production from a greater number of smaller reservoirs with shorter lifespans…
Total, India's Adani Join Hands in LNG Sector
French energy major Total and Adani Group have signed an agreement to jointly develop multi energy offers to the Indian energy market. This cooperation includes Liquefied Natural Gas (LNG) and Fuel Retail.The Adani Group is an Indian private conglomerate active in 50 countries and specialized in commodities trading, port infrastructures and logistics, as well as energy production and distribution.This strategic partnership between…
Natural Gas is Here to Stay, Big Oil Says
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.Still…
Global Energy Demand Seen growing 33% to 2040 -OPEC
Global energy demand is expected to grow by 33 percent to 2040, the Secretary General of the Organization of the Petroleum Exporting Countries, Mohammad Barkindo, said during an event in Madrid on Tuesday.Barkindo was speaking at an event organised by the Spanish oil and gas company Cepsa.Oil would continue to have a predominant role in the energy mix for the foreseeable future, Barkindo said during a question and answer session. (Reporting by Robert Hetz; Writing by Paul Day, editing by Louise Heavens)
Serbia's First Large-scale Wind Farm to Start in October
Belgian renewable energy firm Elicio NV said on Friday its 42 megawatt (MW) Alibunar wind farm in northern Serbia will start operating in October and help the Balkan country diversify its energy mix and reduce greenhouse gas emissions.The wind farm, which has 21 wind turbines provided by German wind turbine manufacturer Senvion, is the first large-scale farm to connect on Serbia's grid.
Bosnia Adopts Long-Term Energy Strategy Key to Unlocking EU Funds
Bosnia's central government adopted a long-term energy strategy on Wednesday after years of political wrangling between its two regions, paving the way for major funding from the European Union and other investors."With this act, we completed the adoption of a package of four most important strategies for economic reforms," said Bosnia's Prime Minister Denis Zvizdic."We stopped a negative trend that meant we could not apply for energy projects and lost hundreds of millions of euros of investments and grants…
Gas to Become World's Primary Energy Source by 2035
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today.Gas will become the largest single source of energy from 2034.DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050…
In British Virgin Islands, Hurricane Whips up Green Energy Transition
Nearly a year after Hurricane Irma knocked out power across the British Virgin Islands, electricity boss Leroy Abraham will be among the last residents to have their homes reconnected.But Abraham, general manager of the British overseas territory's electricity corporation (BVIEC), has barely had time to notice his own domestic outage."I was far too exhausted from giving everybody else electricity," said the 48-year-old, gazing at his two-storey house…
Gas to Overtake Oil as Primary Energy Source by Mid-2030s
Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s. Confidence in the case for gas is growing, according to a survey by DNV GL, the technical advisor to the industry. The vast majority (86%) of the 813 senior industry professionals surveyed agree that gas - the…
LNG to Benefit Philippines, Says ADB Energy Expert
The Philippines stands to benefit from introducing liquefied natural gas (LNG) to support power generation and making it part of its energy mix, the government's Philippine News Agency reported quoting an energy sector expert for the Asian Development Bank (ADB). “Right now and the foreseeable future, natural gas and LNG is much cheaper today compared to two to three years ago, so there is a chance for the Philippines and for the countries in Asia to benefit from LNG and this is window of opportunity I think…
