Monday, October 14, 2019

Europe News

Hedge Funds Turn Bearish on Oil: Kemp

AdobeStock / © Scanrail

By early last week, hedge funds had become the most bearish towards petroleum prices since the start of the year, as traders grew increasingly pessimistic about the global economy.Hedge funds and other money managers sold the equivalent of 95 million barrels…

UK to Account for 35% Offshore Wind in Europe

Image: WindEurope

The UK will account for 35% of the growth in offshore wind over the next five years, followed by the Netherlands and Germany, said , according to WindEurope’s new ‘Wind Energy Outlook to 2023’.In the next five years 22 GW of wind energy capacity will reach the end of its normal operational life (20 years).

Hammerfest LNG Ships 1000th LNG Cargo

Arctic Discoverer will carry cargo number 1000 from the Hammerfest LNG plant. (Photo: Silje Grytbakk / Equinor ASA)

Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”,  by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales…

Norway Sovereign Fund to Divest E&P Firms

© galina_savina / Adobe Stock

Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance ministry said late on Tuesday.The move will partly shift the world's largest sovereign wealth fund away from oil and gas…

DoJ Drops Shell Investigation

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Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield.Shell and Italy's Eni are both currently on trial…

Europe Looks for Gas as Groningen Folds

Image: Rystad Energy

Europe’s energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen – Europe’s largest gas field – will be halted in 2022…

Centrica Starts Buying Cheniere LNG

Image: Centrica

British multinational energy and services company Centrica has loaded its first liquefied natural gas (LNG) cargo from the fifth LNG train at the Sabine Pass liquefaction plant in Louisiana under the agreement signed in 2013 with Cheniere Energy Partners, L.P.The…

Total Closes Mozambique LNG Purchase

(Image: Total)

Total has completed the acquisition of Anadarko's 26.5% stake in Mozambique's liquefied natural gas (LNG) project for $3.9 billion, the French oil major said on Monday."Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas…

Fluxys Sign LNG Contract with Qatar

From left to right : Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of Qatar Petroleum, Marie-Christine Marghem, the Belgian Federal Minister of Energy, Environment and Sustainable Development, and Pascal De Buck, CEO and Chairman of the Executive Board of Fluxys Belgium

Qatar Petroleum subsidiary Qatar Terminal Limited (QTL) and Fluxys Belgium subsidiary Fluxys LNG signed a long-term LNG Services Agreement for the Zeebrugge LNG terminal.Under the agreement, QTL subscribes unloading slots at the facility from the expiry of…

CPIH, Equinor Team Up on Offshore Wind

Image: Equinor

Chinese power giant China Power International Holding (CPIH) and Norwegian energy firm Equinor have inked a memorandum of understanding (MoU) to cooperate on offshore wind projects off China and Europe.“China is rapidly increasing its use of renewables and natural gas.

Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers

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A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day…

Vestas Gets 34-MW Turbine Order from Norway

Image: Vestas

The sustainable energy solutions provider Vestas Wind Systems A/S has received a 34 MW order for the Haramsfjellet wind project on the island of Haramsøya in western Norway.The Danish manufacturer has developed a solution to fit the site’s wind conditions that…

Senvion to Sell Assets to Siemens Gamesa

Image: Senvion

Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations…

German Trains to Run on Offshore Wind

Image: Deutsche Bahn

German Rail (Deutsche Bahn – DB) has closed Germany’s first power purchase agreement (PPA) to buy electricity from an offshore wind farm.German Rail has signed a five-year deal starting in 2024 to buy the output of 25MW, or 8%, of the 295MW Nordsee Ost wind…

Vallourec Tallies $900 Mln ADNOC Contract

(Photo: Vallourec)

France-based Vallourec said it has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) for the supply of tubing and casing, over a five year period, with a possible two-year extension, for an amount of $900 million.The award, which Vallourec said is one of the largest it has received to date…

Plans for Israeli Gas Exports to Egypt on Track

Plans to start exporting gas from Israel to Egypt are on track but further steps are still needed before exports can commence, Egyptian petroleum minister Tarek El Molla said on Monday."Everything is agreed on ... countries (involved) have already given their blessings.

Industry Showcases Positive Changes at OE 2019

Photo: SPE Offshore Europe

Commitment to accelerating the energy transition is gathering pace, as operators and technology developers at SPE Offshore Europe 2019 said they will invest to secure a more sustainable energy mix.In another encouraging sign that the energy industry is steadily continuing to emerge from the downturn…

Eesti Begins LNG Bunkering in Hanko Port

Image: Eesti Gaas

Estonian energy company Eesti Gaas began providing liquefied natural gas (LNG) bunkering services to LNG-powered vessels in the port of Hanko, Finland, for the first time in addition to Tallinn and Helsinki.For the port of Hanko, this means scheduled LNG bunkering on its premises…

Green Light for Arctic LNG 2

Image: Novatek

The $21.3 billion Arctic liquefied natural gas (LNG)-2 project on the Gydan Peninsula headed by the Russian largest independent natural gas producer Novatek won a green light on Thursday.The project will have a production capacity of 19.8 million tons per year…

Euronav to Store Low-Sulfur Oil

Pic: Euronav

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil…