Tuesday, July 14, 2020

Europe News

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

Image by Atstock Productions/AdobeStock

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

Illustration; Fokussiert - AdobeStock

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

© nikkytok / Adobe Stock

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.

LOC to Provide MWS Services for Ørsted Taiwan Offshore Wind Farms

Imag Credit: Halberg AdobeStock

Danish offshore wind developer Ørsted has contracted LOC for the provision of Marine Warranty Survey services (MWS) for the Greater Changhua 1 & 2a offshore wind farms in Taiwan.Under the agreement, LOC will provide MWS services for the transportation & installation of the export and array cables.

Russian Pipe-laying Vessel Moors at Nord Stream 2 Hub in Germany

© Sergei Skriabin/ MarineTraffic.com

A Russian pipe-laying vessel Academic Cherskiy which Moscow can use to finish laying pipes for the Nord Stream 2 gas project, has moored near the German logistics hub in Mukran, Refinitiv Eikon tracking data showed on Monday.Led by the state gas company Gazprom…

Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target

Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470…

Iran's Oil Exports Dwindle to Record Low

© leodeep / Adobe Stock

Iran's oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC's second-largest producer.Exports averaged 70,000 barrels per day in April…

Japan Spot LNG Import Prices Hit Record Low

Image credit - alexyz3d/AdobeStock

Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014. The latest low for LNG cargoes into Japan - reflecting…

Belgium: Northwester 2 Offshore Wind Farm Complete

Image Credit: Parkwind

The 219 MW Northwester 2 wind farm has been completed and is now supplying the Belgian grid electricity by all of its 23 fully operational wind turbines producing 9,5 MW each. This wind farm, owned by Parkwind (70%) and Sumitomo (30%) is the first to use the MHI Vestas V164-9.5 MW turbines in commercial operation.

OMV Sees Hope for Oil Price Recovery in Second Half 2020

For illustration only; An OMV offshore platform in Malaysia -  © OMV Aktiengesellschaft

Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by increased fuel demand and output cuts by producers such as Saudi Arabia, its chief executive said.The spread of the coronavirus has knocked global demand and…