Global Energy Investment Totals $1.8trln in 2018
Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States, where it was boosted by higher spending in upstream supply, particularly shale, but also electricity networks.
Forum Bags Mojave ROV Deal
Oilfield products company Forum Energy Technologies said it has sealed a contract to supply a Mojave remotely operated vehicle (ROV) for the Norwegian firm ESEA Marine.Sub-Atlantic Mojave will also be used by ESEA Submarine’s sister company, ESEA Marine AS, which has customers that include fish farms, port authorities and insurance companies, said the international oilfield products company, serving the subsea, drilling, completion and production sectors of the oil and natural gas industry.In addition, the Mojave will play a training role in helping ROV pilots to develop their skills.Georg Stranden…
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, utilising its extensive geotechnical expertise to mitigate challenging ground conditions.Once operational in 2023…
NYK to Demonstrate Tidal Energy in Singapore
Nippon Yusen Kabushiki Kaisha (NYK) and Japanese telecom giant MTI have reached an agreement to participate in a long-term demonstration of tidal energy being sponsored by MAKO Energy and Sentosa Development Corporation, which will provide the demonstration site.The demonstration will start next spring in a first-time attempt to commercialize tidal energy in Singapore.MAKO Energy is the Singapore-based subsidiary of Elemental Energy Technologies, a tidal turbine developer that has interest and expertise in the area of renewable energy solutions, particularly tidal power and its applications.
Big Oil Spent 1% on Green Energy in 2018
Top oil and gas companies jointly spent around 1 percent of their 2018 budgets on clean energy, but investments by Europe's giants vastly outpaced their U.S. and Asian rivals, a study showed.Companies such as Royal Dutch Shell, Total and BP have in recent years accelerated spending on wind and solar power as well as battery technologies, seeking a larger role in global efforts to slash carbon emissions to battle global warming.Investors in recent years ratcheted up pressure on boards of fossil fuel companies including Exxon Mobil, the world's largest publicly-traded oil company…
Tidal Developer Collaboration to Tackle Foundation Mooring
CorPower and Sustainable Marine Energy join forces for a wave and tidal developer collaboration to develop and demonstrate generic foundation mooring solution to reduce cost and improve O&M methods.The 35-month UMACK (Universal Mooring, Anchor & Connectivity Kit Demonstration) project will address ocean energy affordability, survivability, reliability and installation through the demonstration of a generic anchor-foundation-mooring-connectivity system which aims to reduce capital and installation costs by up to 50%.UMACK is being funded by Scottish Enterprise…
MaRINET2 Advances Renewable Energy Research
The MaRINET2 project has awarded €1.1 million in support to 32 offshore renewable technology developers to test at its network of world-leading research facilities. This support will accelerate the next generation of energy technologies toward the marketplace, and help maintain Europe’s global leadership in renewable energy research.€1.1 million of funding was awarded to 32 innovation technology developers from 17 countries, following a second competitive call for applications. The support will provide 583 days of cutting-edge testing and research at facilities around Europe.Dr.
Turkey Aims to Hold Tenders for at Least Five Mines in 2018
Turkey is looking to hold tenders for at least five coal mines this year including one with 136 million tonnes of reserves, the deputy undersecretary of the energy ministry, Zafer Benli, told Reuters on Tuesday. Speaking on the sidelines of an energy technologies summit, Benli said the first tender will be held in June for the Armutcuk coal mine in the northwestern province of Zonguldak, which has up to 20 million tonnes of coal reserves. "We will also open a mine with 136 million tonnes coal reserves for investment," Benli said. The tenders will be held through a license-transfer method.
EDF Wants to Take Part in Saudi Nuclear Plans - CEO
French state-controlled utility EDF wants to take part in Saudi Arabia's plans to build nuclear power reactors, its chief executive told Reuters on Monday. Saudi Arabia, which wants to reduce oil consumption at home, is considering building 17.6 gigawatts of nuclear-powered electricity generating capacity by 2032 and has sent a request for information to international suppliers to build two reactors. Sources familiar with the situation said last month EDF has already held talks with Saudi Arabia about selling Areva-designed European Pressurized Reactors (EPR) and that it wants to participate in a possible Saudi nuclear tender.
OPEC Should Heed Achnacarry Lessons: Kemp
OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC's revenues from petroleum exports have fallen to just $446 billion in 2016 from $1.2 trillion in 2012 ("Annual Statistical Bulletin", OPEC, 2017). But past experience strongly suggests OPEC's effort to stabilise oil inventories and prices while protecting its market share will fail. Since the beginning of the modern petroleum industry, periods of high prices and concern about supplies running out have alternated with episodes of low prices and oversupply.
Trump Signs Order Sweeping away Obama-era Climate Policies
U.S. President Donald Trump signed an executive order on Tuesday to undo a slew of Obama-era climate change regulations that his administration says is hobbling oil drillers and coal miners, a move environmental groups have vowed to take to court. The decree's main target is former President Barack Obama's Clean Power Plan that required states to slash carbon emissions from power plants - a critical element in helping the United States meet its commitments to a global climate change accord reached by nearly 200 countries in Paris in 2015. The so-called "Energy Independence" order also reverses a ban on coal leasing on federal lands…
U.S. Military Marches on Green Energy
President Donald Trump and his top advisors have often scoffed at government support of green energy. But the largest U.S. government agency - the Department of Defense - plans to forge ahead under the new administration with a decade-long effort to convert its fuel-hungry operations to renewable power, senior military officials told Reuters. The reasons have nothing to do with the white-hot debate over climate change. In combat zones, green energy saves lives by, for instance, reducing the need for easily attacked convoys to deliver diesel fuel to generators at U.S. bases. Mobile solar-power units allow soldiers to prowl silently through enemy territory.
Global Study into use of Wind, Solar Power on Ships
In co-operation with several shipping companies and technology partners, Eco Marine Power (EMP)has begun a detailed study focused on the practical applications of its patented EnergySail and Aquarius MRE technologies. The study will cover the engineering aspects of installing an EnergySail or Aquarius MRE based solution on a variety of ships and the expected Fuel Oil Consumption (FOC) and CO2 savings that can be achieved in an operational environment. Energy storage options will also be studied including the possible use of fuel cells. Technology partners currently involved in the study with EMP include Teramoto Iron Works Co., Ltd. (Onomichi, Japan), KEI System Co., Ltd.
Statoil Introduces Partner in Hywind Scotland
Statoil has agreed to divest 25% of its assets in Hywind Scotland pilot park, the world’s first floating wind farm, to Masdar. The wind farm offshore Peterhead in Aberdeenshire, Scotland will power approximately 20,000 households when in production from late 2017. "The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide. With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy. We believe Masdar can be a strong partner also in future Hywind projects and we hope that our collaboration will result in future value creation opportunities for both parties…
Forum ROV to support University Renewables Projects
Forum Energy Technologies, Inc. won an order to supply the University of Limerick with a Remotely Operated Vehicle (ROV) to support its subsea inspection and intervention work on renewable energy infrastructure. The University’s Mobile and Marine Robotics Research Centre (MMRRC) purchased the Sub-Atlantic Comanche 2,000m Observation Class ROV and associated launch and recovery system for delivery in March 2017 under a MaREI Science Foundation Ireland infrastructure grant (15/RI/3232). The Comanche was selected due to its high thrust to drag ratio enabling it to operate in strong waves, currents and winds – typical conditions for the offshore renewables industry.
Atlantic Council holds Global Energy Summit
OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended a new flagship initiative - the Global Energy Forum in Abu Dhabi - organized by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC), the Mubadala Development Company and the International Petroleum Investment Company (IPIC). The event, a high-level policy gathering, provided the opportunity for valuable interactions among oil and energy ministers, major oil companies, leading international organizations in the field of energy, as well as prominent policymaking officials.
Forum Delivers 350th RT Torque Machine
Forum Energy Technologies, Inc. said it has designed, manufactured, tested and delivered its 350th rotational torque (RT) torque machine to TAM International, a globally recognized downhole inflatable packer leader. The torque machine, or bucking unit as it is commonly referred, was manufactured at the Forum AMC facility in Aberdeen, U.K. This represents the sixth unit that TAM has purchased from Forum in three years, and is a testament to TAM’s growth plans, as well as their trust in Forum’s equipment and global support network. The machine will be used to make up or breakout downhole completion and drilling tools with premium threaded connections.
FORESEA Backs 10 Offshore Renewable Energy Developers
The FORESEA (Funding Ocean Renewable Energy through Strategic European Action) Program has awarded a ‘Recommendation for Support’ to 10 ocean energy technology developers. The support will help commercialize these technologies by providing free access to open-sea test centers. The announcement was made at the Ocean Energy Europe 2016 Conference & Exhibition in Brussels today. FORESEA is an €11m ($12.1m) project which helps to bring offshore renewable energy technologies to market by providing free access through tailored support packages to a world-leading network of test centers: EMEC (UK), SEM-REV (France), SmartBay (Ireland) and Stichting Tidal Testing Center (Netherlands).
Australian first project to Harness Sun, Wind, Batteries
A world-leading project combining solar, wind and battery storage will be built near Hughenden in North Queensland, delivering renewable energy on demand. The Australian Renewable Energy Agency (ARENA) has committed up to $18 million in recoupable grant funding for a Windlab and Eurus Energy joint venture to build the first $120 million phase of Kennedy Energy Park, consisting of 19.2 MW (AC) solar photovoltaic (PV), 21.6 MW wind and 2 MW/4 MWh battery storage. ARENA CEO Ivor Frischknecht said the trailblazing project would provide reliable and affordable power and highlight a pathway towards around-the-clock renewable energy.
IEA: Global Energy Investment Down 8% in 2015
While the plummet in energy spending should come as little surprise to anyone knowing anything about global maritime and energy markets, the International Energy Agency helped to put the precipitous drop in perspective, reporting that the global energy spend was down 8% in 2015. In a first-ever detailed analysis of investment across the global energy system, the International Energy Agency (IEA) said on Wednesday that global energy investment fell by 8% in 2015, with a drop in oil and gas upstream spending outweighing continued robust investment in renewables, electricity networks and energy efficiency.