The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output.
Two bids are received for Norway's floating wind tender
Two consortiums submitted bids for the first Norwegian tender to build commercial offshore floating wind farms, according to the Energy Ministry. In May, Norway launched a process to invite bids from firms or groups to secure rights to develop commercial project of up to 500 Megawatts (MW)…
Denmark buys $9 billion worth of air defence systems amid growing tensions with Russia
Denmark will buy air defence systems made in Europe for 58 billion Danish crowns (9.11 billion dollars), making it its largest ever arms purchase. The country's Defence Minister said this on Friday. He cited a difficult security situation. In February, the…
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday.
Industry official: Japan will start planning floating wind testing centre next year
A senior industry official announced that Japan will begin planning for a floating national wind test centre in 2019. The official vowed to continue on the path of wind energy growth despite recent setbacks, such as Mitsubishi quitting three projects. Last month…
After election victory, the PM of Norway says that Norway must continue to be a reliable supplier of energy
Norway will continue to explore oil and gas, and remain a reliable energy supplier to Europe. This was the message of newly elected Prime Minister Jonas Gahr Stoere on Tuesday. On Monday, the minority Labour Party won a second mandate in office while the populist rights achieved their best ever election results.
Orsted Gets Go-Ahead for $9.4B Emergency Rights Issue
Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes are high for the Danish state-controlled firm…
Norwegians choose new parliament after a closely contested election clouded with geopolitical anxiety
Norwegians will head to the polls to elect a new Parliament on Sunday and Monday. It is a tight race between the left-wing Labour Party, which has been in power for many years, and the right-wing Progress Party and Conservatives. According to the average of polls taken this month by pollofpolls.no…
Prices for EUROPE-GAS are little changed due to weak demand and Norwegian outages
The wholesale gas prices in the Netherlands and Britain were not much different on Friday morning, as maintenance hit supply in Norway was countered by a sluggish market. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.25 euros…
Prices for Europe Gas are little changed due to low demand and Norwegian gas outages
The Dutch and British wholesale prices of gas were not much different early Wednesday, as wind power production limited demand and offset lower supplies from Norway. LSEG data shows that the benchmark Dutch front-month contract was 33.17 euros per Megawatt Hour, or $11.27/mmBtu at 0820 GMT.
Prices for gas in Europe are mixed, with Norway maintenance and revised wind power output being the main differences.
The Dutch and British wholesale prices of gas were mixed on Tuesday. Lower demand forecasts weighed on the market, while the beginning of a longer period for maintenance at Norwegian gas fields was expected to support the market. LSEG data shows that the benchmark…
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges…
Spot contracts increase on declining German wind supply
The European baseload day-ahead power prices increased compared to the previous Monday, as Germany's renewable energy supply is expected fall while demand is predicted to rise throughout the region. LSEG data shows that the French baseload electricity contract for Tuesday is 76.50 Euros ($89.55) a megawatt hour.
EUROPE GAS-Prices maintain firmer levels as market eyes Norway supply
The Dutch and British wholesale prices of gas on Friday morning remained at levels similar to those reached the previous session. This is due to the upcoming heavy maintenance work in Norway, and the need for gas storage before winter. LSEG data shows that…
US Defense Department buys cobalt up to $500 Million
As part of its efforts to increase the supply of critical minerals, the U.S. wants to buy cobalt for up to $500,000,000 to be used in defense stockpiles. After China implemented restrictions on rare earth magnets, companies have scrambled to find them. This led to a drop of 75% in exports in June.
Norway's DNO resumes Kurdistan oilfield output after drone strikes
DNO, a Norwegian oil company, announced on Thursday that it had restarted production of its Tawke field and Peshkabir field in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone strikes. In morning trading…
Norway's DNO restarts oil production from Kurdistan after drone attacks
DNO, a Norwegian company, has resumed oil production in its Tawke, and Peshkabir, fields, in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone attacks. Last month, officials from the energy sector said that…
Prio shares drop as Brazilian oil regulator halts a key unit
Brazilian oil company Prio announced on Monday that the local regulator ANP ordered a production halt for the Peregrino FPSO. The regulator cited the need to improve risk management documentation as well as adjustments to the deluge system of the unit. Shares of the independent oil producer fell as a result.
Gas prices in Europe remain stable ahead of US-Ukraine Meeting
Dutch and British wholesale prices for gas were mostly unchanged on Monday morning, after talks in Alaska failed to achieve a ceasefire on Friday and before a meeting today in Washington between leaders of the United States, Ukraine, and Europe. U.S. president Donald Trump said that on Saturday…
Norway provides $100 million for the purchase of natural gas by Ukraine
The Norwegian government announced on Friday that it would donate 1 billion crowns (98.29 millions dollars) to Ukraine in order to purchase natural gas before winter. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase its gas imports.