Tuesday, December 10, 2019

International Energy Agency News

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is…

SGRE's 1,000th Offshore Wind Turbine Up

Image: Siemens Gamesa Renewable Energy

Spanish-based manufacturer of wind turbines Siemens Gamesa Renewable Energy (SGRE) has reached a milestone with the installation of its 1000th offshore direct drive wind turbine as it embarks on the 10MW-plus era.The company reached the milestone by recently installing turbine 51 on Iberdrola's 714MW East Anglia One project off the UK – eight years…

EU Targets 450 GW Offshore Wind by 2050

Image: WindEurope

The EU Commission’s big goals for offshore wind – between 230 and 450 GW by 2050 – are achievable provided the right investments in electricity grids and Governments take the right approach to maritime spatial planning, said a report.According to the WindEurope report examines where 450 GW of offshore wind could be deployed most cost-effectively around Europe, bearing in mind there is only 20 GW today.

Europe's Wind Industry Needs More Sea Space

© Phil Bird / Adobe Stock

The European offshore wind industry needs an area equivalent to the size of Ireland to install enough turbines to reach carbon neutrality by 2050, a target for most EU members, a leading industry group said in a report.Fighting climate change is a top priority for the European Commission's new head Ursula von der Leyen, who has set out a "European…

Oil Traders Bet on Economic Upswing in 2020

© namning / Adobe Stock

Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise.Most of the divergence can be explained by differing assumptions about global growth in 2020.The International Energy Agency (IEA), the U.S. Energy Information…

EIA, IEA Grossly Overestimating US Shale: ESAI

 Pic: ESAI Energy

ESAI Energy, an oil & energy data provider, believes both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are overly optimistic in their November projections of US crude oil production in 2020, according to the company’s latest North America Watch.ESAI Energy sees a deceleration in growth to about 650,000 b/d next year…

OES: Surge in Tidal Energy in 2020

Henry Jeffrey  (Photo: OES)

The last annual report issued by Ocean Energy Systems (OES) highlights significant international investment including $25m pledged by the US Department of Energy (DOE) to support 12 ‘next-generation’ marine energy projects and Wave Energy Scotland committing $9.9 million in two wave energy machines next year.“In the last 12 months we have seen major…

Oil Prices Gain 2%

© Pavel Ignatov / Adobe Stock

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents, or 1.6%, to $57.70 a barrel.Brent and WTI were both on track to post their second straight weekly gain.

Prince Frederik to Address WindEurope Event

Photo: WindEurope

Crown Prince Frederik of Denmark will deliver the opening address at the WindEurope Offshore 2019, which is claimed to be the world’s largest event dedicated to offshore wind.The event, which will take place in Copenhagen from 26 to 28 November, will gather 9,000 participants and more than 400 exhibitors as the industry gears up to help deliver Europe’s…

Shell to Buy French Wind Farm Firm

File Image: offshore wind farm operations / credit: © Damen

Royal Dutch Shell is buying French renewable power company EOLFI as part of its plans to ramp up the oil major's electricity business.EOLFI has largely focused on solar and wind projects, including offshore wind farms.

ABB to Connect World’s Largest OWF

Image: ABB

Swiss technology company ABB ABB has won a big contract to connect the world’s largest offshore wind farm (OWF) to Britain’s electricity grid.ABB has been selected by energy companies SSE Renewables of the UK and Equinor of Norway to supply its high-voltage direct current (HVDC) converter systems to connect wind farms in the Dogger Bank region of…

Reaping Wind at Sea: A $1 Trillion Industry

File Image (Credit Sparrow Group)

Offshore wind could become a cornerstone of the world's power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.Renewables replacing fossil fuel is crucial to meet a globally-agreed goal of limiting temperature rise to below 2 degrees Celsius…

India's Oil Imports at 3-year Low

© Björn Wylezich / Adobe Stock

India's oil imports fell to their lowest in more than three years in September to 3.82 million barrels per day (bpd), data obtained from industry and shipping sources showed, as some refiners cut purchases due to shutdowns for maintenance and fuel upgrades.Last month, Saudi Arabia replaced Iraq as top oil supplier to India after a gap of about 13 months…

Renewable Power Capacity to Rise 50% in Five Years

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Global renewable energy capacity is set to rise by 50% in five years' time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.Solar PV will account for nearly 60% of this gro

Iranian Tanker Hit by Missiles, Oil Rises

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Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles…

Oil Prices Extend Losses After Saudi Pledge

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Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.Tension in the Middle East remained elevated, however, after the Saudi Defence Ministry held a news conference…

Non-Opec Supply Set to Surge

Graph: Rystad Energy

Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d).For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led by tight oil.Rystad Energy expects liquid production growth of non-OPEC countries will continue reaching record highs in 2020.

Canada's FortisBC to Export LNG to China

Pic: FortisBC Energy Inc

FortisBC Energy Inc will export Canadian LNG produced by its small-scale LNG terminal in British Columbia to China starting in 2021.The Canadian natural gas utility, which has operated its Tilbury LNG plant since 1971, said in a press release that it has signed a two-year contract to ship 53,000 tonnes per year of super-cooled gas by the summer of…

IEA: U.S., China to the LNG Lead by 2024

© Mike Mareen/Adobe Stock

The United States and China will become the world's biggest liquefied natural gas (LNG) exporters and importers, respectively, in five years, according to projections by the International Energy Agency (IEA).U.S. LNG exports are expected to rocket to over 100 billion cubic meters (bcm) in 2024, dislodging current market leaders Australia and Qatar…

Total, IFPEN Join Forces to Cut Carbon

Photo: Total

The French Institute of Petroleum IFP Energies Nouvelles (IFPEN) and compatriot multinational integrated oil and gas company Total announced that they signed a strategic R&D partnership yesterday, that includes an agreement to endow a chair at the IFP School, on carbon capture, utilization and storage (CCUS) and technologies to curb CO2 emissions.According to a press note from the energy giant…