Sunday, September 27, 2020

Europe News

Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions

© Nord Stream 2 / Axel Schmidt

Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported…

RWE Eyes Renewables Deals as Part of $8.4 B Expansion

For illustration  - Credit: Innogy (File Photo)

Germany's largest power producer RWE plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just weeks after BP announced a major low-carbon push."A pipeline needs to be worked on constantly.

China Ramps up US Oil Purchases Ahead of Trade Deal Review

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U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively…

Oil Market Stalls as Absence of Signals Compounds Summer Slowdown

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Hedge funds' oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market.Hedge funds and other money managers purchased the equivalent of…

Venezuela's Oil Exports Stagnant in July

© Francis / Adobe Stock

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company.Washington has ramped up pressure this year on PDVSA’s customers…

US Oil Exports to Europe Rebound

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The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data.U.S. crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as of July 24.

Gazprom Neft Sells Its First Arctic Oil Cargo to China

© Owen Foley / MarineTraffic.com

Russia's Gazprom Neft has sold its first ever Arctic oil cargo to China to ChemChina, two sources familiar with the deal told Reuters on Thursday.This week, Gazprom Neft said it had sent 144,000 tonnes of light Novy Port oil grade to the Chinese port of Yantai on the Bohai Sea from Russia's north-western city of Murman

Poland to Merge Four Energy Groups with Aim to Make International Player

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Poland laid out plans on Tuesday to merge four of its largest energy groups in a move the government hopes will create a player able to compete in international oil, gas and electricity markets.PKN Orlen, the country's largest refiner on Tuesday received conditional…

BP to Sell Petrochemicals Business to Ineos for $5B

Image Credit: BP

British oil major BP will sell its global petrochemicals business to Ineos for $5 billion, a transaction delivering BP's divestments target a year earlier than originally scheduled.Brian Gilvary, BP’s chief financial officer, said: “With today’s announcement…

EU Hydrogen Plan Splits Supporters Down Color-coded Lines

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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…

Innogy Picks Most Powerful Wind Turbine for Its Largest Offshore Wind Project

SG 14-222 DD Turbine - Credit:SGRE

Offshore wind developer Innogy has chosen giant 14 megawatt (MW) offshore wind turbines for its flagship 1.4 gigawatt (GW) Sofia Offshore Wind Farm, located 195 kilometers from the UK coast on Dogger Bank in the shallow area of the central North Sea.Subject…

Brent Crude Rises to Above $42 a Barrel

Image Credit: Галина Сандалова  - AdobeStock

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday…

New Report Outlines Big Potential for Offshore Wind

(Photo: Ørsted)

Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities—being unlocked by shrinking costs and technological advances…

The Emerging U.S. Offshore Wind Industry in a Post-COVID-19 World

Join a webinar on June 17, 2020 for the global release of a major new market study on the depth, breadth and growth prospects of the Offshore Wind Market -- https://zoom.us/webinar/register/WN_UR5uY1boTOKdAAcAXDbR4g
© zozulinskyi/AdobeStock

Join a webinar on June 17, 2020 for the global release of a major new market study on the depth, breadth and growth prospects of the Offshore Wind Market --  https://zoom.us/webinar/register/WN_UR5uY1boTOKdAAcAXDbR4gJust when it was looking like the offshore…

Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal

Gullfaks B - Equinor - Photo Ole Jørgen Bratland

Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+…

Innogy Shares to be Delisted as E.ON Completes Takeover

llustration only. Image by Peterjohn Chisholm - AdobeStock

Shares in Innogy, once Germany's No.1 energy group by market cap, are expected to be delisted this week, as rival E.ON said it completed a buy-out of minority shareholders as part of a broader deal to break up the firm."In the months ahead, we'll focus on the…

Oil Gains, with Brent above $40

Image by think4photop/AdobeStock

Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT.

First Turbine Installed at Borssele III/IV Offshore Wind Project

Image Credit: MHI Vestas Offshore Wind

The first offshore wind turbine has been installed at the Borssele III/IV wind project in the Dutch North Sea, the turbine builder MHI Vestas Offshore Wind has said."The first turbine at the 731.5 MW Borssele III/IV offshore wind project has now been installed…

Northern Offshore Services, SEA O.G Form CTV JV for U.S. Offshore Wind Space

Image Credit: Northern Offshore Services

Northern Offshore Services (N-O-S) and SEA O.G have entered into an agreement to provide marine services and CTV operations to the offshore wind industry in the United States.The partnership will combine the forces of N-O-S, the crew transfer vessel operator in Europe, and the offshore services provider, SEA O.G.

US LNG Exports Drop More Than a Third

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U.S. liquefied natural gas exports are down by more than a third since governments started imposing lockdowns to stop the spread of the coronavirus.Worldwide gas prices have plunged as lockdowns squeezed energy demand even as strong renewables output boosted supply.