Friday, August 23, 2019

France News

Saipem Joins JV for Arctic LNG2 Project

Image: Novatek

Italian oil and gas industry contractor Saipem reached a deal on Friday to participate in a joint engineering venture for a liquefied natural gas (LNG) project in the west of Siberia.The subsidiary of Eni said in a press release that it has has reached an agreement with Technip France SA and NIPIgaspererabotka to participate in the Joint Venture for the realization of the Arctic LNG2 project.The project has been awarded by Arctic LNG2…

Petrobras Posts Highest-ever Quarterly Profit

Photo: Petrobras)

Brazilian state-run oil firm Petroleo Brasileiro SA posted its highest ever quarterly profit on Thursday and handily beat analysts' estimates, thanks in large part to billions of reais in asset sales.In a securities filing, Petrobras, as the firm is commonly known, said second quarter net profit came to 18.87 billion reais ($4.92 billion). That was well above the Refinitiv consensus estimate of 8.06 billion reais at current exchange rates.Adjusted for non-recurring items…

Europe Installs 1.9 GW Offshore Wind Capacity in H1

Image:  WindEurope

Europe added 1.9 GW of new offshore wind was installed in the first half of 2019, up from the 1.1 GW added in the same period in 2018, according to figures released by WindEurope.The UK (931 MW), Denmark (374 MW), Belgium (370 MW) and Germany (252 MW) accounted for these installations. This includes Hornsea 1 in the UK which, when completed, will be the world’s largest wind farm with 1.2 GW.In the first half of 2019 Europe invested €8.8bn in the construction of future wind farms…

TechnipFMC: Record Orders, Backlog in Q2

(Photo: TechnipFMC)

Franco-American oil services company TechnipFMC received a record volume of orders in the second quarter, pushing its backlog of projects to a peak thanks to new liquefied natural gas projects, it said on Wednesday.The records could signal a rebound for the company created by a 2016 merger of France's Technip and U.S. rival FMC Technologies to weather the oil price crash that had forced their oil…

Total Plans $5 Bln in Asset Sales

(File photo: Malfere Damien / Total)

French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in the second quarter, which it attributed to a combination of unfavorable market factors.These include a 7% drop in oil prices since the second quarter of 2018…

TechnipFMC Wins $7.6 Bln Contract

(Image: Novatek)

Oil services company TechnipFMC won a $7.6 billion contract with Russia's Novatek and its partners for the Arctic 2 liquefied natural gas project in western Siberia, pushing TechnipFMC's shares higher.TechnipFMC's Paris-listed shares rose 3.2% in early session trading, as analysts welcomed the new contract.TechnipFMC said the consolidated value of the contract to it for Arctic LNG-2 was $7.6 billion and consisted of three LNG trains…

LDA Wins French Offshore Wind Work

Image: Louis Dreyfus Armateurs Group

French maritime firm Louis Dreyfus Armateurs (LDA) Group announced that its subsidiary Louis Dreyfus TravOcean has signed its first contract related to the development of offshore windfarms in France.The transport and logistics company said that the contract for supply, installation and protection of inter-array power cables for the Saint-Nazaire offshore wind project was signed earlier this month with project leaders EDF Renouvelables and Enbridge…

TRIG Acquires French Wind Farms

Pic: Watson Farley & Williams LLP

UK-based investment fund  The Renewables Infrastructure Group (TRIG) has acquired stakes in four French onshore windfarms, with a total capacity of 107.8 MW. InfraRed’s listed renewables vehicle did not disclose financial details of acquisitions. Watson Farley & Williams (WFW) has advised British investment fund.WFW assisted TRIG on the acquisition, from their operations manager Renewable Energy Systems (RES)…

Japanese Firms Begin Offshore Wind Surveys

Map: Sumitomo Corporation Group

Japanese companies Sumitomo Corporation and Electric Power Development Co., Ltd. (J-POWER) have begun an offshore ground investigation off the coast of Japan to explore the possibility of developing an offshore wind power plant.The Japanese government is currently in the process of determining areas to be designated as offshore wind power development promotion areas under a new law enacted this fiscal year…

BV Joins the Int'l Windship Association

Photo: Bureau Veritas

The decarbonization drive is gearing up to be the defining issue faced by the shipping sector in the coming decades and the industry is searching for low carbon and zero emissions technologies that will deliver on the International Maritime Organization (IMO) initial strategy of reducing emissions by at least 50% by 2050. One family of technologies that is seeing an upsurge of interest in the industry is wind-assist and primary wind propulsion solutions.

World's Longest Wind Turbine Blade Debuts

Image: LM Wind Power

The American supplier of rotor blades to the wind industry LM Wind Power, part of GE Renewable Energy, has displayed its first 107-meter blade, for GE’s Haliade-X 12 MW wind turbine, which has made its first trip outside its factory in Cherbourg, France.The LM 107.0 P is the first ever wind turbine blade to surpass 100 meters in length, said a press release from the wind turbine blades manufacturer.Final…

Pavilion Acquires LNG assets of Iberdrola

(L to R) Mr Frédéric H. Barnaud, Group CEO of Pavilion Energy and Mr Aitor Moso, CEO of Liberalised Business, Iberdrola. Photo: Pavilion Energy

Singapore-based LNG company Pavilion Energy said its wholly owned subsidiary Pavilion Energy Trading & Supply has agreed to buy Spanish energy company Iberdrola's portfolio of liquefied natural gas (LNG) assets.The portfolio comprises about 4 million tonnes per annum (mtpa) of Iberdrola's long-term LNG sale and supply contracts.It also includes long-term regasification of approximately 2 mtpa at the Grain LNG terminal (UK)…

Prysmian Bags Dolwin5 Cabling

Schematic illustration of offshore grid connection project DolWin5. Image: Prysmian

Italian multinational corporation Prysmian Group  has been awarded a major grid connection project worth in region of EUR 140 million by the Dutch-German grid operator TenneT which will enable the connection of multiple offshore wind farms to the German grid.“The Dolwin5 project continues our valued long relationship with the major TSO TenneT and demonstrates our ability to provide tailor-made submarine cable solutions for challenging projects…

U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes

©  / Adobe Stock

The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations, including naval mines.Six tankers have been hit in the past month in two attacks near the Strait of Hormuz…

Petrobras Sells TAG, Gets $8.7 bln

Image: Petrobras

Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group led by France'sEngie SA and Canada'sCaisse De Depot Et Placement Du Quebec (CDPQ).According to a stock exchange annoucement, Petrobras received a total of 33.5 billion reais ($8.69 billion) from buyers on Thursday for the 90 percent…

US Considering Sanctions Over Nord Stream 2

Pipelaying operations underway (© Nord Stream 2 / Axel Schmidt)

President Donald Trump said on Wednesday he was considering sanctions over Russia's Nord Stream 2 natural gas pipeline project -- which the United States has told European companies to avoid -- and warned Germany against being dependent on Russia for the fuel."We're protecting Germany from Russia and Russia is getting billions and billions of dollars from Germany," Trump told reporters at an appearance with Polish President Andrzej Duda at the White House.Nord Stream 2…

Oxy Plans to Sell Parts of Anadarko

Deal-makers say most likely sale prospects are Anadarko's offshore assets in the Gulf of Mexico and its pipeline business. (Photo: Anadarko)

Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum.It also quadrupled its debt - to $40 billion - at a time when investors are calling for spending cuts and higher dividends.That means the acquisition's success will depend on how quickly Occidental can sell off some of Anadarko's assets and focus on optimizing and integrating the assets it keeps - especially prime U.S.

Nord Stream 2 Launch Facing Delays

© Nord Stream 2 / Axel Schmidt

Russia's Nord Stream 2 gas pipeline project to Germany may launch in 2020, rather than the end of 2019, due to delays in obtaining permits from Denmark, Interfax news agency on Friday quoted Nord Stream 2 AG as saying.The Russian-led company has two pending route applications with Danish authorities, the first of which was submitted more than two years ago, but it was asked in March to assess a…

'We Are the Rightful Owners' of Anadarko -Oxy CEO

Occidental Petroleum Chief Executive Vicki Hollub (Photo: Occidental Petroleum)

Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59, beat out larger rival Chevron Corp with a long-shot bid that some Occidental investors called risky because it saddles Occidental with $46 billion in new debt.

Timeline: Occidental's Anadarko Victory

(Photo: Anadarko)

Before Occidental Petroleum Corp clinched a deal on Thursday to buy Anadarko Petroleum Corp for $38 billion, it pursued its U.S. oil and gas exploration and production rival for nearly two years, culminating in the sector's most high-profile public contest since the 1980s.For most of Occidental's pursuit, Anadarko snubbed its overtures, arguing its offers were too risky. Last month, it entered…